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

6 Months Ended

Jun. 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  years in the period ended 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 June 30, 2012	$	690,871

Amortizable assets

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

	Gross Carry amount		Accumulated Amortization		Net Carry amount		Weighted Average Remaining Amortization Period
Purchase intangible associated with CLR purchase	$	759,000	$	365,594	$	393,406	2.04 years
IP Rights Agreement		1,300,000		324,994		975,006	5.13 years
	$	2,059,000	$	690,588	$	1,368,412

2012	$	225,900
2013		320,525
2014		171,987
2015		130,000
2016		130,000
Thereafter		390,000
Total	$	1,368,412