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		124,636		121,730
New product development		10,818		10,818
Patents and Licenses		1,212,846		200,000
		1,523,511		502,942
Less: accumulated depreciation		97,783		81,169
Intangible Assets, Net	$	1,425,728	$	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 patents and licenses are acquired upon the acquisition of Multipay S.A. (the “Subsidiary”). The Subsidiary holds patents and licenses in related to payment processing technologies.