INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

NOTE 6 — INTANGIBLE ASSETS

For the years ended December 31, 2016 and 2015, the Company invested in Patents in the amounts of $42,640 and $43,689 respectively.

 

Patents, technology and other intangibles with contractual terms are generally amortized over their estimated useful lives of 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.

Software development costs are amortized over their estimated useful life of three years.

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

	December 31,		December 31,
	2016		2015
Patents	$	3,697,710	$	3,655,070
Capitalized software development		621,567		621,567
Accumulated amortization		(2,006,028)		(1,435,781)
Intangible assets, net	$	2,313,249	$	2,840,856

Amortization expense for patents totaled $373,398 and $361,133 for the years ended December 31, 2016 and 2015, respectively. Amortization expense for software development totaled $196,849 and $172,436 for the year ended December 31, 2016 and 2015, respectively.

Total amortization expense totaled $570,247 and $533,569 for the years ended December 31, 2016 and 2015, respectively.