Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Intangible Assets

Note 5 - Intangible Assets
6 Months Ended
Jun. 30, 2013
Note 5 - Intangible Assets

Note 5 – Intangible Assets


In March 2013, the Company purchased certain intangible assets as part of the acquisition of Sustainable Oils, LLC.  See further discussion on acquisition in Note 10.  The intangible assets include three patents and the related intellectual property associated with these patents.  These intangible assets acquired have an expected useful life of 17 years and are carried at cost less any accumulated amortization and any impairment losses.


Amortization is calculated using the straight-line method to allocate the cost of the intangible assets  over their estimated useful lives of 17 years.  Any future costs associated with the maintenance of these patents with indefinite lives will be capitalized and not amortized.