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4. INTANGIBLE ASSETS AND ASSET ACQUISITION (Tables)
 9 Months Ended
Sep. 30, 2013
Intangible Assets And Asset Acquisition Tables  
Preliminary purchase price

The following sets forth the components of the preliminary purchase price allocation:

 

Purchase Price      
Cash payment   $ 3,500,000  
Estimated warranty expense   $ 10,000  
Total purchase price   $ 3,510,000  
         
Assets Purchased        
Inventory   $ 71,700  
Fixed assets   $ 150,000  
Intangible assets   $ 3,288,300  
         
Liabilities assumed        
Warranty liability   $ 10,000  
Intangible assets

Definite life intangible assets consist of the following:

 

   

September 30,

2013

    

December 31,

2012

  
    (Unaudited)        
Intellectual property, patents and trademarks   $ 3,389,400     $ 111,100  
                 
Less: Accumulated Amortization and Impairment Loss      280,401        111,100  
    $ 3,108,999     $ -