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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2015
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

 

NOTE 9: INTANGIBLE ASSETS

 

As of June 30, 2015, patents, technology and other intangibles with contractual terms were generally amortized over their estimated useful lives of five or ten years. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted.

 

Prior to any impairment adjustment, intangible assets consisted of the following:

 

 

 

June 30,

 

December 31,

 

 

 

2015

 

2014

 

 

 

 

 

 

 

Patents

 

$
3,641,030

 

$
3,611,380

 

Software Development Costs

 
388,125

 
388,125

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Amortization

 
(1,170,016

)
(902,212

)

 

 

 

 

 

 

Intangible Assets, Net

 

$
2,859,139

 

$
3,097,293

 

 

 

 

 

 

 

 

 

 

Software development costs and licensing intangible assets both have an estimated useful life of 3 years. Software development costs are incurred during the building of the Company’s Internet platform. Software development costs are subject to annual impairment testing.

 

Amortization expense totaled $267,805 and $214,253 for the six months ended June 30, 2015 and 2014, respectively.