ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Schedule of Restated Condensed Consolidated Financial Statements

The Company’s condensed consolidated financial statements have been restated as follows:

Condensed Consolidated Balance Sheets

	As of September 30, 2013 (unaudited)
	As Previously Reported		Adjustments		As Restated
Goodwill, net	$	18,413,545	$	3,843,345	$	22,256,890
Total assets		92,054,774		3,843,345		95,898,119
Accrued tax payable		570,699		(45,613)		525,086
Deferred tax liability		-		3,194,628		3,194,628
Total liabilities		20,488,262		3,149,015		23,637,277
Accumulated deficit		(76,124,821)		665,426		(75,459,395)
Accumulated other comprehnsive income (loss)		1,186,546		28,904		1,215,450

Condensed Consolidated Statements of Operations

	For the three months ended September 30, 2013 (unaudited)
	As Previously Reported		Adjustments		As Restated
Provision (benefit) for taxes	$	116,332	$	(522,971)	$	(406,639)
Net income		214,315		522,971		737,286

	For the nine months ended September 30, 2013 (unaudited)
	As Previously Reported		Adjustments		As Restated
Provision (benefit) for taxes	$	318,063	$	(665,426)	$	(347,363)
Net income allocable to common stockholders		47,001		665,426		712,427

Condensed Consolidated Statements of Comprehensive Gain and Loss

	For the three months ended September 30, 2013 (unaudited)
	As Previously Reported		Adjustments		As Restated
Net income	$	214,315	$	522,971	$	737,286
Foreign currency translation adjustment		1,283,993		30,277		1,314,270
Comprehensive Income		1,498,308		553,248		2,051,556

	For the nine months ended September 30, 2013 (unaudited)
	As Previously Reported		Adjustments		As Restated
Net income	$	47,001	$	665,426	$	712,427
Foreign currency translation adjustment		1,210,882		28,904		1,239,786
Comprehensive Income		1,257,883		694,330		1,952,213

Estimated Useful Lives and Accumulated Depreciation for Furniture, Equipment and Software

The estimated useful lives and accumulated depreciation for land, buildings, furniture, equipment and software are as follows:

	Estimated Useful Life
Land	Infinite
Buildings	39 years
Furniture and equipment	3 to 10 years
Vehicles	3 to 5 years
Software	3 to 5 years

Gross Carrying Amount and Accumulated Amortization of Intangible Assets

The following table provides the components of identifiable intangible assets:

						Identifiable						Identifiable
	*	September 30, 2013				Intangible		December 31, 2012				Intangible
	Estimated	Gross				Assets, less		Gross				Assets, less
	Useful	Carrying		Accumulated		Accumulated		Carrying		Accumulated		Accumulated
	Life	Amount		Amortization		Amortization		Amount		Amortization		Amortization
Finite-lived intangible assets
Order backlog - Orbital	2	$	3,595,101	$	(898,777)	$	2,696,324	$	-	$	-	$	-
Tradename - Orbital	10		1,933,093		(96,653)		1,836,440		-		-		-
Tradename - V-Infinity	5		1,095,400		(273,850)		821,550		1,095,400		(109,540)		985,860
Customer list - Orbital	10		7,516,149		(375,809)		7,140,340		-		-		-
Technology rights	20**		707,063		(105,683)		601,380		303,664		(77,779)		225,885
Technology-Based Asset-      Know How - Orbital	12		3,044,863		(126,869)		2,917,994		-		-		-
Technology -Based Asset -      Software - Orbital	10		659,962		(32,997)		626,965		-		-		-
Debt offering costs			-		-		-		220,000		(177,222)		42,778
Other intangible assets			156,970		(67,502)		89,468		154,470		(49,106)		105,364
			18,708,601		(1,978,140)		16,730,461		1,773,534		(413,647)		1,359,887
Indefinite-lived intangible assets
Tradename - CUI			4,892,856		-		4,892,856		4,892,856		-		4,892,856
Customer list - CUI			1,857,000		-		1,857,000		1,857,000		-		1,857,000
Patents Pending			551,559		-		551,559		551,559		-		551,559
			7,301,415		-		7,301,415		7,301,415		-		7,301,415
Identifiable intangible assets		$	26,010,016	$	(1,978,140)	$	24,031,876	$	9,074,949	$	(413,647)	$	8,661,302

* All intangibles are reviewed annually for impairment, or sooner if circumstances change.

** Technology rights are amortized over a twenty year life or the term of the rights agreement. These technology rights are related to agreements at Orbital and CUI Inc. of $403,400 and $303,663, respectively.

Summary of Unaudited Financial Statements of Affiliate

A summary of the unaudited financial statements of the affiliate as of September 30, 2013 is as follows:

Current assets	$	6,626,832
Non-current assets		316,972
Total Assets	$	6,943,804
Current liabilities	$	2,926,039
Non-current liabilities		738,773
Stockholders' equity		3,278,992
Total Liabilities and Stockholders' Equity	$	6,943,804
Revenues	$	10,420,861
Operating income		810,594
Net profit		60,979
Other comprehensive profit (loss):
Foreign currency translation adjustment		33,668
Comprehensive net profit		94,647
Company share of Net Profit 11.54% thru June 30, 2013, 8.62% thereafter		4,212
Equity investment in affiliate	$	262,456

Schedule of Segement Activity

The following information represents segment activity for the nine months ended September 30, 2013:

	Power and Electro- Mechanical		Gas		Other		Totals
			(restated)				(restated)
Revenues from external customers	$	33,425,562	$	11,998,646	$	-	$	45,424,208
Income (loss) from operations	$	3,019,601	$	173,327	$	(2,630,043)	$	562,885
Other significant non-cash items:
Segment assets	$	35,271,498	$	42,265,766	$	18,360,855	$	95,898,119
Intangible assets	$	8,406,156	$	15,613,439	$	12,281	$	24,031,876
Goodwill, net	$	13,045,687	$	9,211,203	$	-	$	22,256,890
Expenditures for segment assets	$	549,865	$	692,927	$	-	$	1,242,792

The following information represents segment activity for the three months ended September 30, 2013:

	Power and Electro- Mechanical		Gas		Other		Totals
			(restated)				(restated)
Revenues from external customers	$	11,172,196	$	6,041,561	$	-	$	17,213,757
Income (loss) from operations	$	1,238,935	$	(81,844)	$	(763,479)	$	393,612
Other significant non-cash items:
Segment assets	$	35,271,498	$	42,265,766	$	18,360,855	$	95,898,119
Intangible assets	$	8,406,156	$	15,613,439	$	12,281	$	24,031,876
Goodwill, net	$	13,045,687	$	9,211,203	$	-	$	22,256,890
Expenditures for segment assets	$	139,400	$	658,806	$	-	$	798,206