Quarterly report [Sections 13 or 15(d)]

Note 13 - Intangible Assets

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Note 13 - Intangible Assets
9 Months Ended
Aug. 31, 2025
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

13.

INTANGIBLE ASSETS

 

The components of intangible assets were as follows (in thousands):

 

           

Balance at August 31, 2025

   

Balance at November 30, 2024

 
   

Estimated Useful Lives in Years

   

Gross Carrying Amount

   

Accumulated Amortization

   

Net Carrying Amount

   

Gross Carrying Amount

   

Accumulated Amortization

   

Net Carrying Amount

 

Patents

    10-17     $ 3,955     $ (1,170 )   $ 2,785     $ 3,955     $ (978 )   $ 2,977  

Trademarks

 

Indefinite

      360             360       360             360  

Customer List

    2       70       (70 )           70       (70 )      

Federal Firearms License

    3       6       (0 )     6                    

Total

          $ 4,391     $ (1,240 )   $ 3,151     $ 4,385     $ (1,048 )   $ 3,337  

 

The trademarks have an indefinite life and are assessed annually for impairment.  All other intangible assets are finite-lived.

 

Intangible assets amortization expenses are recorded within operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income.  Total intangible assets amortization expense for the nine months ended August 31, 2025 and August 31, 2024 were $0.2 million and $0.1 million, respectively. Total intangible assets amortization expense was less than $0.1 million for the three months ended August 31, 2025 and 2024. 

 

Estimated future amortization expense related to intangible assets as of August 31, 2025 are as follows (in thousands):

 

Fiscal Year Ending November 30,

 

2025 (remaining three months)

  $ 65  

2026

    259  

2027

    259  

2028

    259  

2029

    259  

Thereafter

    1,690  

Total

  $ 2,791