Intangible Assets

12 Months Ended

Dec. 31, 2013

Intangible Assets

Intangible Assets

12. Intangible Assets

Intangible assets, consisting of acquired technology and customer relationships, are amortized using the straight-line method over their useful lives of eight years.

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2013 are as follows:

	Weighted Average	Gross Carrying			Accumulated
	Amortization Period	Amount			Amortization		Total
Acquired Technology	8 years		$	17,036,835	$	(14,301,907)	$	2,734,928
Customer Relationships	8 years		1,000,000		(833,333)		166,667
			$	18,036,835	$	(15,135,240)	$	2,901,595

The gross carrying amount and accumulated amortization of the Company’s acquired identifiable intangible assets as of December 31, 2012 are as follows: 

	Weighted Average	Gross Carrying			Accumulated
	Amortization Period	Amount			Amortization		Total
Acquired Technology	8 years		$	17,134,953	$	(12,156,049)	$	4,978,904
Customer Relationships	8 years		1,000,000		(708,333)		291,667
			$	18,134,953	$	(12,864,382)	$	5,270,571

 The change in the gross carrying amount of the acquired technology from December 31, 2012 to December 31, 2013 is due to changes in foreign exchange rates.

Amortization expense for acquired identifiable intangible assets for the years ended December 31, 2013, 2012, and 2011 was $2.3 million, $2.3 million, and $2.3 million, respectively. Estimated amortization expense for subsequent years is as follows:

2014	$	2,263,776
2015	637,819
Total	$	2,901,595