Intangible Assets |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Disclosure [Text Block] |
Note 7 — Intangible Assets
Intangible assets, net consisted of the following:
Amortization expense amounted to $30,597 and $14,204 for the years ended December 31, 2015 and 2014, respectively. Amortization expense for the succeeding five years and thereafter is $47,277 (2016); $47,277 (2017); $47,277 (2018); $47,277 (2019); $47,277 (2020); and $618,520 (thereafter).
At December 31, 2015 and 2014, the Company had capitalized approximately $612,000 and $746,000, respectively, for costs related to patents that have not been awarded.
On July 24, 2015 and December 21, 2015, the Company entered into licensing agreements which expire on February 7, 2033. The agreements provide the Company an exclusive royalty-free license associated with semiconductor power switches which enhances its intellectual property portfolio. The Company recorded legal and acquisition costs of $211,394 associated with the licensing agreements as intangible assets and will amortize the cost over the 17-year term of the agreements.
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