INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2013

Finite-Lived Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS, NET

NOTE 5 – INTANGIBLE ASSETS, NET

Intangible assets at June 30, 2013 and December 31, 2012 consisted of the following:

	June 30, 2013
	Weighted
	average		Gross				Net
	amortization		carrying		Accumulated		carrying
	period		amount		amortization		amount
			USD		USD		USD
Amortizing intangible assets:
Permits and licenses		10 years		5,091,360		(2,477,006)		2,614,354
GMP certificate		5 years		2,578,198		(2,282,267)		295,931
Long-term customer relationship		4 years		7,675,560		(7,675,560)		-
Others				342,231		(148,306)		193,925
Total				15,687,349		(12,583,139)		3,104,210

	December 31, 2012
	Weighted
	average		Gross				Net
	amortization		carrying		Accumulated		carrying
	period		amount		amortization		amount
			USD		USD		USD
Amortizing intangible assets:
Permits and licenses		10 years		4,987,647		(2,119,622)		2,868,025
GMP certificate		5 years		2,525,679		(1,955,360)		570,319
Long-term customer relationship		4 years		7,519,206		(7,519,206)		-
Others				214,520		(111,282)		103,238
Total				15,247,052		(11,705,470)		3,541,582

Amortization expense for intangible assets was $391,452 and $733,794 for the three months ended June 30, 2013 and 2012, respectively. Amortization expense for intangible assets was $655,152 and $1,456,810 for the six months ended June 30, 2013 and 2012, respectively. Estimated amortization expenses for the next five fiscal years are $511,058 in 2014, $509,278 in 2015, $503,715 in 2016, $469,606 in 2017 and $426,774 in 2018.