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Prepaid Expenses and Other Assets (Tables)

3 Months Ended

Mar. 31, 2016

Prepaid Expenses and Other Assets [Abstract]

Schedule of prepaid expenses and other assets

		As of March 31, 2016				As of December 31, 2015				Increase (Decrease)
Prepaid expenses and other assets(1)		$	253,700			$	183,396			$	70,304
Security deposits			44,200				28,381				15,819
Current subtotal			297,900				211,777				86,123
Intangible asset (business acquisition)(2)			288,848				0				288,848
Accumulated amortization of intangible asset			(9,308	)			0				(9,308	)
Security deposits			0				8,920				(8,920	)
Long-term subtotal			279,540				8,920				270,620
Total		$	577,440			$	220,697			$	356,743

⁽¹⁾ During the first quarter of 2016, we paid $20,500 for an option to purchase additional land nearby to our Portland facility that could be used to construct an 8,000 square foot building should we decide to exercise the option before the end of 2016 for an additional $184,500.

⁽²⁾ On January 4, 2016, we acquired certain business assets from DAY 1™ Technology, LLC of Minnesota. The acquired rights and know-how are primarily related to formulating our bovine antibodies into a gel solution for an oral delivery option to newborn calves via a syringe (or tube). This product format offers customers an alternative delivery option to the bolus (the standard delivery format of the bivalent First Defense^®product since first approval by the United States Department of Agriculture (USDA) and product launch in 1991) and could allow more market penetration. The formulation was developed for us and has been sold as a feed product without disease claims since 2012. This purchase also includes certain other related private-label products that could generate approximately $300,000 in annual sales. The estimated fair values of the assets purchased in this transaction included inventory of $113,000, machinery and equipment of $132,000 and certain intellectual property intangibles. The total purchase price was approximately $534,000. Approximately $368,000 of this amount was paid as of the closing date, and the remaining balance will be paid contingent upon successful technology transfer and as a royalty on related product sales made through December 31, 2018. The impact of the acquisition on our proforma prior year operations is not significant.

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- References

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- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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