INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

NOTE 3 – INTANGIBLE ASSETS, NET

Intangible assets consist of the following:

	June 30,		December 31,
	2015		2014
	(unaudited)		(audited)
HDR	$	175,211	$	170,394
SRIO		124,637		121,730
New product development		10,818		10,818
Software		200,000		200,000
		510,666		502,942
Less: accumulated amortization		97,783		81,169
	$	412,883	$	421,774

Intangible assets consist of legal and global patent registration costs related to the Company’s technology HDR (Handheld biometric mobile devices) and SRIO (Biometric wallet devices). Intangible assets are amortized over ten years.

The Company decided to refocus its research and development on its next generation of HDR Intelligent Accessory platform instead of developing the new HDR+.  To achieve this it has contracted a Mechanical Designer and H/W and Embedded S/W Engineer to complete this task.  The project will require an additional 6 months and approximately $200,000 to productize into a device that can be sold to Government, or Enterprise customers.  The costs associated with the development of this new product are recorded in intangible assets in the accompanying consolidated balance sheet and are reflected as new product development above.

The amortization expense for the six months ended June 30, 2015 and 2014 were $14,811 and $12,687, respectively.