Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangible Assets [Abstract]

Note 6. Goodwill and Other Intangible Assets.

The following is a summary of Goodwill for the years ending December 31:

Goodwill

	2011		2010
Foam	$	2,932,208	$	2,932,208
Coatings		1,302,620		1,302,620
	$	4,234,828	$	4,234,828

The following is a summary of Other Intangible Assets for the years ending December 31:

Other Intangible Assets

	2011					2010
	Gross		Accumulated			Gross		Accumulated			Amortization
	Amount		Amortization			Amount		Amortization			Period
Customer Lists	$	859,235	$	(622,235	)	$	859,235	$	(464,236	)	5 Years
Product Formulation		138,471		(63,081	)		138,471		(53,850	)	15 Years
Trade Names		740,325		(170,502	)		740,325		(121,147	)	15 Years
Non-Competes		210,000		(147,000	)		210,000		(105,000	)	5 Years
Approvals and Certifications		1,325,754		(402,066	)		745,391		(215,740	)	5 Years
	$	3,273,785	$	(1,404,884	)	$	2,693,422	$	(959,973	)

Based on the other intangible assets in service as of December 31, 2011, estimated amortization expense for the years ending December 31, 2011 through December 31, 2015 and thereafter is as follows:

	2012		2013		2014		2015		Thereafter
Customer Lists	$	158,000	$	79,000	$	-	$	-	$	-
Product Formulation		9,231		9,231		9,231		9,231		38,466
Trade Names		49,355		49,355		49,355		49,355		372,403
Non-Competes		42,000		21,000		-		-		-
Approvals and Certifications		217,110		217,110		217,110		217,110		55,248

The Company evaluates the amortization period of goodwill and other intangible assets on an ongoing basis, in light of any changes in business conditions, events or circumstances, which may indicate the potential impairment of goodwill and other intangible assets.

- 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.

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