INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

NOTE 6 — INTANGIBLE ASSETS

For the years ended December 31, 2017 and 2016, the Company invested in Software development costs in the amounts of $383,802 and $0 respectively. For the years ended December 31, 2017 and 2016, the Company invested in patent costs in the amounts of $0 and $42,640 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:

	2017		2016
Patents	$	3,697,709	$	3,697,710
Capitalized software development		1,005,369		621,566
Accumulated amortization		(2,538,615)		(2,006,027)
Intangible assets, net	$	2,164,463	$	2,313,249

Amortization expense for patents totaled $379,158 and $373,398 for the years ended December 31, 2017 and 2016, respectively. Amortization expense for software development totaled $153,430 and $196,849 for the year ended December 31, 2017 and 2016, respectively.

 

Total amortization expense totaled $532,588 and $570,247 for the years ended December 31, 2017 and 2016, respectively.