NOTE 4 - PROPERTY AND EQUIPMENT, NET

3 Months Ended

Feb. 29, 2012

Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY AND EQUIPMENT, NET

Property and equipment are recorded at cost. Depreciation is calculated on the straight-line basis over the estimated useful lives of the depreciable assets, or related lease life, if shorter, which range from three to ten years. Machinery and equipment is depreciated over a five to ten year period, depending on the type of equipment. Office furniture and fixtures is depreciated over a five-year period and vehicles are depreciated over a three-year period. Leasehold improvements are amortized over the life of the lease and included in depreciation expense. Capital leases are amortized using the straight-line method over the estimated useful life or the remaining term of the related lease, whichever is less. Property and equipment consists of the following at:

	February 29, 2012			November 30, 2011
Machinery & equipment	$	790,094		$	779,304
Furniture & fixtures		177,916			173,779
Vehicles		55,442			55,442
Leasehold improvements		376,829			372,488

Total Property and Equipment		1,400,281			1,381,013
Less accumulated depreciation and amortization		(932,133	)		(896,510	)

Property and Equipment, net	$	468,148		$	484,503

- 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

WESTBRIDGE RESEARCH GROUP 10-Q