Annual report pursuant to section 13 and 15(d)

Goodwill

v2.4.0.6
Goodwill
 12 Months Ended
Dec. 31, 2011
Goodwill [Abstract]  
Goodwill

5. GOODWILL:

The changes in the carrying amount of goodwill for the year ended December 31, 2011 are as follows:

 

     LED Replacement
Lamps		      LED Signage and
Lighting Strips		     Total  

Balance, January 1, 2011

    $ 1,988,920       $ 407,369      $ 2,396,289   

Impairment expense

      —           (407,369 )      (407,369 ) 
  

 

 

     

 

 

    

 

 

  

Balance, December 31, 2011

    $ 1,988,920       $ —        $ 1,988,920   
  

 

 

     

 

 

    

 

 

  

As a result of lowering the projected revenue growth and cashflows for the LED signage and lighting strips segment, the Company performed the impairment test prescribed by ASC 350 and recorded a goodwill impairment charge totaling $407,369 for the year ended December 31, 2011.

There were no changes in the carrying amount of goodwill for the year ended December 31, 2010.