Disclosure - Note 6 - Goodwill and other intangible assets (Tables)

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Summary of changes in carrying amount of goodwill for the years

A summary of the changes in the carrying amount of goodwill for the period ended September 30, 2012 and December 31, 2011, is shown below:

Balance as of January 1, 2011	$	3,599,386
Addition due to Cummings Creek acquisition		402,795
Goodwill impairment charges		(3,396,310	)
Balance as of December 31, 2011	$	690,871
Goodwill impairment charges		–
Balance as of September 30, 2012	$	690,871

Amortizable assets

The table below present amortizable assets as of September 30, 2012: 

	Gross Carry amount		Accumulated Amortization		Net Carry amount		Weighted Average Remaining Amortization Period
Purchase intangible associated with CLR purchase	$	759,000	$	446,042	$	312,958		1.79 years
IP Rights Agreement		1,300,000		357,494		942,506		4.88 years
	$	2,059,000	$	803,536	$	1,255,464

2012	$	112,952
2013		320,525
2014		171,987
2015		130,000
2016		130,000
Thereafter		390,000
Total	$	1,255,464