Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Indefinite-Lived Intangible Assets

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Goodwill and Indefinite-Lived Intangible Assets
6 Months Ended
Jun. 30, 2014
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Indefinite-Lived Intangible Assets

6.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

A reconciliation of the change in the carrying value of goodwill is as follows:

 

          

    Balance as of January 1, 2013

   $     3,592,073    

    Foreign currency translation

     73,126    

    Balance as of December 31, 2013

     3,665,199    

    Acquired from acquisitions

     4,129,248    

    Disposed with Hive Out Agreement

     (4,129,248)   

    Foreign currency translation

     32,629    

    Balance as of March 31, 2014

     3,697,828     

    Foreign currency translation

     103,919    

    Balance as of June 30, 2014

   $     3,801,747    

The goodwill acquired from the Acquisition was disposed in connection with the Hive Out Agreement. See Footnote 3, Acquisitions, for further discussion on the Acquisition and the Hive Out Agreement.

 

Indefinite-Lived Intangible Assets

The Company’s acquired indefinite-lived intangible asset, OncoHist™, is IPR&D relating to the Company’s business combination with SymbioTec. As of October 1, 2013, the date of the Company’s annual impairment review, the fair value of the Company’s indefinite-lived intangible asset balance was $10,559,820. The carrying value of OncoHist™ was $10,702,400 and $10,318,001 as of June 30, 2014 and December 31, 2013 respectively. No impairment was recorded during the three months or six months ended June 30, 2014 and 2013. The increase in the carrying value reflected herein is solely comprised of the effects of changes in foreign currency.