Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.10.0.1
Intangible Assets
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 6 – Intangible Assets
 
Intangible assets, net consisted of the following:
 
 
 
September 30,
2018
 
 
December 31,
2017
 
 
 
(unaudited)
 
 
 
 
Patents
 
$
1,656,042
 
 
$
1,554,268
 
Other intangible assets
 
 
732,175
 
 
 
732,175
 
 
 
 
2,388,217
 
 
 
2,286,443
 
Accumulated amortization
 
 
(278,236
)
 
 
(204,429
)
 
 
$
2,109,981
 
 
$
2,082,014
 
  
Amortization expense amounted to $24,775 and $73,807 for the three and nine months ended September 30, 2018, respectively, and $22,822 and $59,291 for the three and nine months ended September 30, 2017, respectively. Amortization expense for patents for the succeeding five years and thereafter is approximately $25,000 (2018), $100,000 (2019-2022) and $1,172,000 (thereafter).
 
At September 30, 2018 and December 31, 2017, the Company had capitalized $512,515 and $472,928, respectively, for costs related to patents that have not been awarded.