INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2013

Finite-Lived Intangible Assets, Net [Abstract]

NOTE 5 – INTANGIBLE ASSETS, NET

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

	September 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	5,122,788	(2,614,623)	2,508,165
GMP certificate	5 years	2,594,112	(2,445,289)	148,823
Long-term customer relationship	4 years	7,722,940	(7,722,940)	-
Others		344,343	(160,781)	183,562
Total		15,784,183	(12,943,633)	2,840,550

	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 $257,318 and $730,994 for the three months ended September 30, 2013 and 2012, respectively. Amortization expense for intangible assets was $912,470 and $2,187,804 for the nine months ended September 30, 2013 and 2012, respectively. Estimated amortization expenses for the next five fiscal years are $513,226 in 2014, $511,439 in 2015, $505,852 in 2016, $471,598 in 2017 and $428,585 in 2018.