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4. INTANGIBLE ASSETS AND ASSET ACQUISITION (Tables)
 12 Months Ended
Dec. 31, 2013
Intangible Assets And Asset Acquisition Tables  
Final purchase price

The purchase price allocation was obtained from an independent valuation firm The following sets forth the components of the final purchase price allocation:

 

Purchase Price      
Cash payment   $ 3,500,000  
Warranty expense     10,000  
Total purchase price   $ 3,510,000  
         
Assets Purchased        
Inventory   $ 71,700  
Fixed assets     150,000  
Patents     2,848,300  
Trademarks     440,000  
Total Assets Acquired   $ 3,510,000  
Definite life intangible assets

Definite life intangible assets consist of the following:

 

   

December 31,

2013

    

December 31,

2012

  
             
Intellectual property and patents and trademarks   $ 2,959,400     $ 111,100  
Less: Accumulated Amortization and Impairment Loss      372,836        111,100  
Intangible Assets, net   $ 2,586,564     $ -  
Indefinite life intangible assets

Indefinite life intangible assets consist of the following:

 

   

December 31,

2013

    

December 31,

2012

  
             
Trademarks   $ 440,000     $ -  
Total Trademarks   $ 440,000     $ -