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Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets

Intangible assets are comprised of the following:

				December 31, 2015												December 31, 2014
		Useful Life		Gross Carrying Amount				Accumulated Amortizaton				Net Carrying Amount				Gross Carrying Amount				Accumulated Amortizaton				Net Carrying Amount

Acquired intangibles- customer lists and non-compete agreements		5 -10 years			1,997,300				1,635,257				362,043				1,997,300				1,532,123				465,177
Acquired intangibles-patents and patent rights		Varied (1)			3,650,000				1,562,526				2,087,474				3,650,000				852,343				2,797,657
Patent application costs		Varied (2)			1,062,958				494,931				568,027				1,058,833				413,268				645,565
				$	6,710,258			$	3,692,714			$	3,017,544			$	6,706,133			$	2,797,734			$	3,908,399


	⁽¹⁾	Acquired patents and patent rights are amortized over their expected useful life which is generally the remaining legal life of the patent. As of December 31, 2015, the weighted average remaining useful life of these assets in service was approximately 4.4 years.

	⁽²⁾	Patent application costs are amortized over their expected useful life which is generally the remaining legal life of the patent. As of December 31, 2015, the weighted average remaining useful life of these assets in service was approximately 9.3 years.

Schedule of Estimated Future Amortization of Intangible Assets

Approximate expected amortization for each of the five succeeding fiscal years is as follows:

Year			Amount
2016		$	692,000
2017		$	673,000
2018		$	537,000
2019		$	265,000
2020		$	193,000

Schedule of Changes on Carrying Amount of Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows:

		Packaging				Plastics				Technolgy Management				Total

Balance as of January 1, 2014
Goodwill		$	1,768,400			$	684,949			$	12,831,774			$	15,285,123
Accumulated impairment losses			-				-				(238,926	)			(238,926	)
			1,768,400				684,949				12,592,848				15,046,197

Goodwill acquired during the year			-				-				-				-
Impairment losses			-				-				(3,000,000	)			(3,000,000	)

Balance as of December 31, 2014
Goodwill			1,768,400				684,949				12,831,774				15,285,123
Accumulated impairment losses			-				-				(3,238,926	)			(3,238,926	)
			1,768,400				684,949				9,592,848				12,046,197

Goodwill acquired during the year			-				-				-				-
Impairment losses			-				-				(9,592,848	)			(9,592,848	)

Balance as of December 31, 2015
Goodwill			1,768,400				684,949				12,831,774				15,285,123
Accumulated impairment losses			-				-				(12,831,774	)			(12,831,774	)
		$	1,768,400			$	684,949			$	-			$	2,453,349