Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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		(45,692	)

Balance as of September 30, 2014	$	2,093,602

Components of Other Intangible Assets

The components of our other intangible assets at September 30, 2014 are summarized below:


Other Intangible Asset Class	Cost		Additions		Impairment			Accumulated Amortization			Foreign Currency Translation		Net Carrying Amount		Weighted- Average Amortization Period
Customer relationships and developed technology	$	1,310,000	$	—	$	—		$	(1,022,421	)	$	148,524	$	436,103		8.0 years
In-process research and development		1,340,000		—		(654,961	)		(270,687	)		134,687		549,039		Indefinite
Trade name		310,000		—		—			(125,903	)		37,057		221,154		15.0 years
Patents		1,243,612		—		—			(865,862	)		—		377,750		16.0 years

Total other intangible assets	$	4,203,612	$	—	$	(654,961	)	$	(2,284,873	)	$	320,268	$	1,584,046		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	$	296,000
2015	$	296,000
2016	$	288,000
2017	$	267,000
2018	$	187,000