Intangible Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets |
Note 7 — Intangible Assets
Intangible assets, net consisted of the following:
At December 31, 2017 and 2016, the Company had capitalized approximately $472,928 and $678,410, respectively, for costs related to patents that have not been awarded. During the years ended December 31, 2017 and 2016, the Company wrote-off $279,982 and $116,969, respectively, in previously capitalized patent costs. In 2017, the Company rationalized its pending patent portfolio to focus exclusively on the highest value opportunities to extend the duration or expand the scope of patent protection for its technology.
In 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 13.
Amortization expense amounted to $83,280 and $63,666 for the years ended December 31, 2017 and 2016, respectively. Amortization expense for the succeeding five years and thereafter is $96,485 (2018-2022) and $1,126,659 (thereafter).
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