Annual report pursuant to section 13 and 15(d)

INTANGIBLE ASSETS (Tables)

v2.4.0.6
INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2012
Components of Intangible Assets

At December 31, 2012, the Company had the following intangible assets subject to amortization:

 

     December 31, 2012  
     Gross Carrying
Amount
     Accumulated
Amortization
    Net Carrying
Amount
 

Patents

   $ 267,904       $ (106,725   $ 161,179   

Trademarks

     4,314,000         (249,803     4,064,197   

Customer relationships

     8,283,000         (486,983     7,796,017   

Product certification and licensing costs

     61,017         (29,534     31,483   
  

 

 

    

 

 

   

 

 

 
   $ 12,925,921       $ (873,045   $ 12,052,876   
  

 

 

    

 

 

   

 

 

 


At December 31, 2011, the Company had the following intangible assets subject to amortization:

 

     December 31, 2011  
     Gross Carrying
Amount
     Accumulated
Amortization
    Net Carrying
Amount
 

Patents

   $ 1,286,437       $ (197,803   $ 1,088,634   

Trademarks

     908,998         (192,461     716,537   

Customer relationships

     1,010,000         (370,333     639,667   

Non-compete agreement

     60,000         (55,000     5,000   

Product certification and licensing costs

     158,024         (63,893     94,131   
  

 

 

    

 

 

   

 

 

 
   $ 3,423,459       $ (879,490   $ 2,543,969   
  

 

 

    

 

 

   

 

 

 
Estimated Annual Amortization Expense
As of December 31, 2012, amortization expense on intangible assets for the next five years and thereafter is as follows:

 

     2013      2014      2015      2016      2017      Thereafter      Totals  

Patents

   $ 23,215       $ 23,215       $ 23,215       $ 23,215       $ 23,215       $ 45,104       $ 161,179   

Trademarks

     337,932         337,932         337,932         337,932         337,932         2,374,537         4,064,197   

Customer relationships

     707,083         707,083         707,083         707,083         707,083         4,260,602         7,796,017   

Product certification and licensing costs

     16,403         10,679         4,401         —           —           —           31,483   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,084,633       $ 1,078,909       $ 1,072,631       $ 1,068,230       $ 1,068,230       $ 6,680,243       $ 12,052,876   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
LED Replacement Lamps and Fixtures
 
Components of Intangible Assets

For the year ended December 31, 2012, the Company recognized the following impairment charges for intangible assets in the Company’s Array division and its corporate business unit:

 

     Gross Carrying
Amount
     Accumulated
Amortization
    Net Carrying
Amount Prior  to
Impairment
     Impairment
Recognized
    Net Carrying
Amount at
December 31, 2012
 

Patents

   $ 1,073,188       $ (138,851   $ 934,337       $ (934,337   $ —     

Trademarks

     28,998         (3,509     25,489         (25,489     —     

Product certification and licensing costs

     125,427         (70,118     55,309         (55,309     —     
  

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
   $ 1,227,613       $ (212,478   $ 1,015,135       $ (1,015,135   $ —