Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 6 – Intangible Assets
 
Intangible assets, net consisted of the following:
 
 
 
March 31,
2018
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Patents
 
$
1,585,001
 
$
1,554,268
 
Other intangible assets
 
 
732,175
 
 
732,175
 
 
 
 
2,317,176
 
 
2,286,443
 
Accumulated amortization
 
 
(228,748)
 
 
(204,429)
 
 
 
$
2,088,428
 
$
2,082,014
 
 
Amortization expense amounted to $24,319 and $17,875 for the three months ended March 31, 2018 and 2017, respectively. Amortization expense for the succeeding five years and thereafter is $74,140 (2018), $98,853 (2019-2022) and $1,162,567 (thereafter).
 
At March 31, 2018 and December 31, 2017, the Company had capitalized $456,309 and $472,928, respectively, for costs related to patents that have not been awarded.