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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2013
INTANGIBLE ASSETS |
INTANGIBLE ASSETS | NOTE 7 — INTANGIBLE ASSETS Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed during 2007. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 10 to 20 years. The Company tests intangible assets for impairment when events or circumstances indicate that the carrying value of these assets may not be recoverable. During the first three quarters of 2013, the Company identified triggering events associated with the Company’s current period operating loss combined with its history of continued operating losses. As a result, the Company evaluated the recoverability of certain of its identifiable intangible assets. Based upon the Company’s assessment, the recoverable amount was in excess of the carrying amount of the intangible assets, and no impairment to these assets was indicated as of September 30, 2013. As of September 30, 2013 and December 31, 2012, the cost basis, accumulated amortization and net book value of intangible assets were as follows:
|  | September 30, 2013 |  | December 31, 2012 |
|  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Net |  | Average |  |  |  |  |  | Net |  | Average |
|  | Cost |  | Accumulated |  | Book |  | Amortization |  | Cost |  | Accumulated |  | Book |  | Amortization |
|  | Basis |  | Amortization |  | Value |  | Period |  | Basis |  | Amortization |  | Value |  | Period |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 3,979 |  | $ | (3,584 | ) | $ | 395 |  | 7.2 |  | $ | 3,979 |  | $ | (2,444 | ) | $ | 1,535 |  | 7.2 |
Trade names |  | 7,999 |  | (2,380 | ) | 5,619 |  | 20.0 |  | 7,999 |  | (2,080 | ) | 5,919 |  | 20.0 |
Intangible assets |  | $ | 11,978 |  | $ | (5,964 | ) | $ | 6,014 |  | 15.8 |  | $ | 11,978 |  | $ | (4,524 | ) | $ | 7,454 |  | 15.8 |
As of September 30, 2013, estimated future amortization expense is as follows:
2013 |  | $ | 111 |
2014 |  | 444 |
2015 |  | 444 |
2016 |  | 444 |
2017 |  | 444 |
2018 and thereafter |  | 4,127 |
Total |  | $ | 6,014 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 44, 45, 46 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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