INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 9 - INTANGIBLE ASSETS AND GOODWILL

The following table summarizes identifiable intangible assets of the Company, which include identifiable intangible assets from the acquisition of IDS Ltd., PowerKey (the industrial vehicle monitoring products division of International Electronics, Inc. acquired by the Company in 2008) and AI as of December 31, 2014 and September 30, 2015:

	Useful		Gross				Net
	Lives		Carrying		Accumulated		Carrying
September 30, 2015	(In Years)		Amount		Amortization		Amount

Amortized:
Patents		11	$	1,489,000	$	(778,000)	$	711,000
Tradename		5		200,000		(200,000)		-
Non-competition agreement		3		234,000		(234,000)		-
Technology		5		50,000		(50,000)		-
Workforce		5		33,000		(33,000)		-
Customer relationships		5		4,499,000		(4,499,000)		-

				6,505,000		(5,794,000)		711,000

Unamortized:
Customer list				104,000		-		104,000
Trademark and Tradename				61,000		-		61,000

				165,000		-		165,000

Total			$	6,670,000	$	(5,794,000)	$	876,000

	Useful		Gross				Net
	Lives		Carrying		Accumulated		Carrying
December 31, 2014	(In Years)		Amount		Amortization		Amount

Amortized:
Patents		11	$	1,489,000	$	(677,000)	$	812,000
Tradename		5		200,000		(200,000)		-
Non-competition agreement		3		234,000		(234,000)		-
Technology		5		50,000		(50,000)		-
Workforce		5		33,000		(33,000)		-
Customer relationships		5		4,499,000		(4,499,000)		-

				6,505,000		(5,693,000)		812,000

Unamortized:
Customer list				104,000		-		104,000
Trademark and Tradename				61,000		-		61,000

				165,000		-		165,000

Total			$	6,670,000	$	(5,693,000)	$	977,000

Amortization expense for the three- and nine-month periods ended September 30, 2014 was $273,000 and $819,000, respectively, and for the three- and nine-month periods ended September 30, 2015 was $33,000 and $101,000, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

Year ending December 31:

October - December 2015	$	36,000
2016		135,000
2017		135,000
2018		135,000
2019		135,000
2020		135,000

There have been no changes in the carrying amount of goodwill from January 1, 2015 to September 30, 2015.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details