Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Intangible Assets
 
Intangible assets, net consisted of the following: 
 
 
September 30, 2017
 
December 31,
2016
 
 
(unaudited)
 
 
Patents
 
$
1,507,910

 
$
1,556,204

Other intangible assets
 
732,175

 
470,870

 
 
2,240,085

 
2,027,074

Accumulated amortization
 
(180,440
)
 
(121,518
)
 
 
$
2,059,645

 
$
1,905,556


 
At September 30, 2017 and December 31, 2016, the Company had capitalized $514,524 and $678,410, respectively, for costs related to patents that have not been awarded.

In June 2017, a U.S. patent was issued associated with licensing agreements and the Company recorded an intangible asset and corresponding long-term liability for the estimated present value of future payments of $261,303. The Company is amortizing the capitalized costs over the remaining term of the agreements. For further discussion of the licensing agreements, see Note 8.

Amortization expense amounted to $22,822 and $59,291 for the three and nine months ended September 30, 2017, respectively, and $16,720 and $45,786 for the three and nine months ended September 30, 2016, respectively. Amortization expense for the succeeding five years and thereafter is approximately $23,000 (2017), $92,000 (2018-2021) and $1,154,000 (thereafter).