Annual report pursuant to Section 13 and 15(d)

GOODWILL

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GOODWILL
 12 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Disclosure [Text Block]
  4. GOODWILL
                 
The Company recorded goodwill of $1,675,462 in connection with the Acquisition described in Note 1.  Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. 
 
There were no changes in goodwill during the years ended December 31, 2013 or 2012, after the initial purchase accounting.
 
The Company is required to perform an annual impairment test related to goodwill which is performed in the fourth quarter of each year, or sooner if changes in circumstances suggest that the carrying value of an asset may not be recoverable. During the fourth quarter of 2013, the annual test was performed and it was determined that there had been no impairment to goodwill.