Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.7.0.1
Intangible Assets
 3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Intangible Assets
 
Intangible assets, net consisted of the following: 
 
 
March 31, 2017
 
December 31,
2016
 
 
(unaudited)
 
 
Patents
 
$
1,628,021

 
$
1,556,204

Other intangible assets
 
470,870

 
470,870

 
 
2,098,891

 
2,027,074

Accumulated amortization
 
(139,393
)
 
(121,518
)
 
 
$
1,959,498

 
$
1,905,556


 
Amortization expense amounted to $17,875 and $13,362 for the three months ended March 31, 2017 and 2016, respectively. Amortization expense for the succeeding five years and thereafter is approximately $54,000 (2017), $72,000 (2018-2021) and $873,000 (thereafter).
 
At March 31, 2017 and December 31, 2016, the Company had capitalized $746,554 and $678,410, respectively, for costs related to patents that have not been awarded.