Intangible Assets
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Aug. 31, 2014
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS |
INTANGIBLE ASSETS
Intangible assets consist of owned trademarks and patents for eleven product lines.
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. Amortization expense for the three months ended August 31, 2014 and August 31, 2013 amounted to $5,110 and $5,116, respectively. Amortization expense for the nine months ended August 31, 2014 and 2013, was $15,329 and $15,347, respectively. Estimated amortization expenses for the years ending November 30, 2014, 2015, 2016, 2017 and 2018 are $20,439, $20,421, $20,421, $20,421 and $421, respectively.
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- Details
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- Definition
The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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