Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

The purchase price was allocated as follows:


	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

The following table presents changes in goodwill:


Balance as of December 31, 2013	$	2,139,294
Foreign currency translation		8,132

Balance as of March 31, 2014	$	2,147,426

Components of Other Intangible Assets

The components of our other intangible assets at March 31, 2014 are summarized below:


Other Intangible Asset Class	Cost		Impairment			Accumulated Amortization			Foreign Currency Translation		Net Carrying Amount		Weighted- Average Amortization Period
Customer relationships and developed technology	$	1,310,000	$	—		$	(924,734	)	$	158,954	$	544,220		8.0 years
In-process research and development		1,340,000		(654,961	)		(270,687	)		148,802		563,154		Indefinite
Trade name		310,000		—			(113,877	)		42,648		238,771		15.0 years
Patents		1,243,612		—			(824,099	)		—		419,513		16.0 years

Total other intangible assets	$	4,203,612	$	(654,961	)	$	(2,133,397	)	$	350,404	$	1,765,658		12.2 years

Expected Future Annual Amortization Expense

The expected future annual amortization expense for each of the next five years based on current balances of our intangible assets is approximately as follows:


For the year ending December 31:
2014	$	300,434
2015	$	242,588
2016	$	215,639
2017	$	195,066
2018	$	80,851