Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

6 Months Ended

May 31, 2012

NOTE 5 — PROPERTY AND EQUIPMENT

The components of property and equipment consisted of the following:


	May 31,		November 30,
	2012		2011
Machinery and equipment	$	290,851	$	278,866
Furniture and equipment		1,012,400		991,252
Tools, dies and masters		425,606		419,806
Transportation equipment		44,076		27,538
Capitalized lease obligations		263,067		263,067
Web site		20,000		20,000
Leasehold improvements		487,664		466,934

	$	2,543,664	$	2,467,463

Less: Accumulated depreciation		2,051,567		1,941,363

Property and Equipment — Net	$	492,097	$	526,100

Depreciation expense for the three months ended May 31, 2012 and 2011 amounted to $53,442 and $45,252, respectively. Depreciation expense for the six months ended May 31, 2012 and 2011 amounted to $110,204 and $97,413, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details