Quarterly report pursuant to Section 13 or 15(d)

4. ACQUISITION OF ASSETS OF PHYTOSPHERE (Tables)

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4. ACQUISITION OF ASSETS OF PHYTOSPHERE (Tables)
 9 Months Ended
Sep. 30, 2013
Acquisition Of Assets Of Phytosphere Tables  
Allocation of purchase price
Assets acquired        
Tangible assets        
Cash   $ 50,775  
Accounts receivable     396,438  
Inventory     345,477  
Prepaid inventory     1,260,510  
Fixed assets, net     1,288  
     Total tangible assets     2,054,488  
         
Identifiable intangible assets        
Vendor relationships     1,170,000  
Trade name     230,000  
Noncompete agreement – PhytoSPHERE Team     2,710,000  
   Total identifiable intangible assets     4,110,000  
         
Unidentifiable intangible assets        
Goodwill residual estimate     1,855,512  
Total assets acquired from PhytoSPHERE   $ 8,020,000  
Intangible assets acquired
Description   Original Fair Market Value     Accumulated Amortization     Net  
Vendor relationships   $ 1,170,000     $ 156,000     $ 1,014,000  
Trade name     230,000       30,667       199,333  
Noncompete agreement     2,710,000       361,333       2,348,667  
    $ 4,110,000     $ 548,000     $ 3,562,000