Annual report pursuant to Section 13 and 15(d)

Property And Equipment

v2.4.0.6
Property And Equipment
12 Months Ended
Nov. 30, 2011
Property And Equipment [Abstract]  
Property And Equipment

NOTE 4 – PROPERTY AND EQUIPMENT.

The major classes of property and equipment are as follows:

 

     2011     2010  

Furniture and equipment

   $ 4,479,200      $ 4,045,945   

Leasehold improvements

     1,176,570        1,076,140   

Computer software - internal use

     799,041        1,558,768   
  

 

 

   

 

 

 
     6,454,811        6,680,853   

Less: Accumulated Depreciation

     (4,914,572     (4,458,685
  

 

 

   

 

 

 

Total Property and Equipment

   $ 1,540,239      $ 2,222,168   
  

 

 

   

 

 

 

Depreciation expense was approximately $540,000 in 2011 and approximately $547,000 in 2010 of which approximately $219,000 and $286,000 is included in cost of sales, respectively, in the accompanying consolidated statements of operations.

During fiscal 2011, the Company determined that previously capitalized costs associated with the development of internal use computer software would be of no further use to the Company and should be written off. The asset is fully impaired. As of November 30, 2011, the Company disposed of internal use computer software costs in the amount of $627,034 which is included in impairment of internal use software in the accompanying consolidated statements of operations.