Annual report pursuant to Section 13 and 15(d)

Note 5 - Intangible Assets

Note 5 - Intangible Assets
12 Months Ended
Dec. 31, 2013
Note 5 - Intangible Assets

Note 5 – Intangible Assets


In March 2013, the Company purchased certain intangible assets related to the commercial production of Camelina.  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. The Intangible Assets as of the year ended December 31, 2013 is shown in the following table:




December 31,




Intangible Assets



Less accumulated amortization



Intangible Assets, net




Amortization expense for intangible assets was $195,892 for the year ended December 31, 2013 and none in 2012.  The estimated amortization expense for the next five years approximates $229,000 annually.