Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.3.1.900
Intangible Assets
12 Months Ended
Nov. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS
INTANGIBLE ASSETS
Intangible assets consist of owned trademarks and patents for ten product lines.
 
 
November 30,
2015
 
November 30,
2014
Patents and trademarks
 
$
580,007

 
$
800,293

Less: Accumulated amortization
 
145,841

 
145,453

Intangible Assets - Net
 
$
434,166

 
$
654,840



Patents are amortized on a straight-line basis over their legal life of 17 years. Trademarks have an indefinite life and are reviewed annually for impairment or more frequently if impairment indicators occur. During the fiscal years ended November 30, 2015 and 2014, the Company write off $220,286 and $90,248 of patents and trademarks, as part of its annual evaluation of patents and trademarks that were no longer in use and did not have any plans for future use. Amortization expense for the fiscal years ended November 30, 2015, 2014 and 2013, was $388, $17,105 and $20,462, respectively. Estimated amortization expense for the years ending November 30, 2016, 2017, 2018, 2019 and 2020 are $388, $388, $388, $376 and $376, respectively.