Intangible Assets |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Disclosure [Text Block] | Note 6 – Intangible Assets Intangible assets, net consisted of the following:
In 2015, the Company entered into licensing agreements which expire on February 7, 2033. The agreements provide the Company an exclusive royalty-free license associated with semiconductor power switches which enhances its intellectual property portfolio. In 2015, the Company recorded legal and acquisition costs of $211,394 associated with the licensing agreements as intangible assets. On March 2, 2016, the Company recorded an additional $259,476 associated with the licensing agreements as intangible assets as a patent was issued under the agreements. The amount recorded represents the estimated present value of all future payments associated with the issued patent. The Company is amortizing the capitalized costs over the 17-year term of the agreements. For further discussion of the licensing agreement, see Footnote 8. Amortization expense amounted to $13,362 and $4,557 for the three months ended March 31, 2016 and 2015, respectively. Amortization expense for the succeeding five years and thereafter is $47,267 (2016); $63,022 (2017); $63,022 (2018); $63,022 (2019); $63,022 (2020); and $810,648 (thereafter). |
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