Intangibles And Fixed Assets

3 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Intangibles And Fixed Assets

NOTE 5 - INTANGIBLES AND FIXED ASSETS

Intangibles and Net property and equipment consisted of the followings at March 31, 2013 and December 31, 2012:

	Intangibles			Machinery and other equipments			Vehicles			Total Net property and equipment
Gross book value
at December 31, 2011		—			166,284			377,139			543,423
Genetic Immunity acquisition		30,111,909			418,483			—			418,483
Additions		274,986			—			—			—
Disposals		—			—			(90,369	)		(90,369	)
Change in FX rates		(271,780	)		14,998			33,063			48,061
at December 31, 2012		30,115,115			599,765			319,833			919,598
Additions					1,217						1,217
Disposals
Change in FX rates		(36,944	)		(67,852	)		(22,202	)		(90,054	)
at March 31, 2013		30,078,171			533,130			297,631			830,761
Accumulated depreciation and amortization
at December 31, 2011		—			127,002			220,650			347,652
Genetic Immunity acquisition		—			—			—			—
Additions		22,268			36,881			48,950			85,831
Disposals		—			—			(58,608	)		(58,608	)
Change in FX rates		6			8,839			32,715			41,554
at December 31, 2012		22,274			172,722			243,707			416,429
Additions		12,528			20,089			4,562			24,651
Disposals
Change in FX rates		(31,328	)		(39,430	)		(16,918	)		(56,348	)
at March 31, 2013		3,474			153,381			231,351			384,732
Net book values at
December 31, 2011		—			39,282			156,489			195,771
December 31, 2012		30,092,841			427,043			76,126			503,169
March 31, 2013		30,074,697			379,749			66,280			446,029

The net book value of fixed assets under capital lease amount to $66,280 and $76,126 at March 31, 2013 and at December 31, 2012, respectively. 

The Company owns the following patents as intangible assets:

· Re: PCT US97/02933 publication No. WO9731119A1, corresp to USSN 08/803,484 'Methods and Compositions for Therapeutic and Genetic Immunization' filed 20 February 1997 by J. Lisziewicz and F. Lori, Atty. Docket No. RGT 100A PCT

· Re: PCT/US98/19498 publication No. WO9913915A1 'Method of Delivering Genes into Antigen Presenting Cells of the skin' corresp. to USSN 09/153,198 filed 15 September 1998 by Lisziewicz & Lori, Atty Docket No. RGT 9771 PCT

· Re: PCT US 04/000746 publication No. WO 2004/065575, corresp. to USSN 10/757,343 “Plasmid DNA and Uses therefor” filed 14 January 2004, based on prov’l appln 60/440,245 filed 15 January, 2003, by Lisziewicz, et al., Atty Docket No. RGT 7033

· Above the patents, the following trademark is owned by:

· Trademark “Genetic Immunity” Serial No. 75153267, filed January 22, 1999, 1^st use at least Jan 13, 1999, Reg. No. 2657301 on December 3, 2002

During the acquisition of Genetic Immunity, the Company has received the valuation of the patents from an independent valuation company. According to the valuation, the Company entered the acquired intangibles to the consolidated balance sheet. The acquired intangibles have indefinite useful life and annual impairment test is carried out on a discounted cash flow basis. According to the latest valuation carried out at October 2, 2012, no impairment losses are to be recognized.