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Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2012
Goodwill and Other Intangible Assets [Abstract]  
Purchase price allocated
                 
    Allocated purchase
Price
    Estimated life of
intangible assets
in years
 

Net tangible assets

  $ 36,000          

Intangible assets:

               

Customer relationships and developed technology

    1,310,000       6 to 9  

In-process research and development

    1,340,000       N/A  

Trade name

    310,000       15  

Goodwill

    2,139,000       N/A  
   

 

 

         

Total

  $ 5,135,000          
   

 

 

         
Changes in goodwill
         

Balance as of December 31, 2011

  $ 1,895,000  

Foreign currency translation

    18,173  
   

 

 

 

Balance as of June 30, 2012

  $ 1,913,173  
   

 

 

 
Components of other intangible assets
         

Other Intangible Asset Class

  Net Carrying
Amount
 

Customer relationships and developed technology

  $ 832,900  

In-process research and development

    530,965  

Trade name

    264,484  

Patents

    269,046  
   

 

 

 

Total other intangible assets

  $ 1,897,395  
   

 

 

 
Expected future annual amortization expense
         
For the year ending December 31:      

2012

  $ 261,048  

2013

  $ 261,048  

2014

  $ 260,837  

2015

  $ 260,532  

2016

  $ 254,942