6. INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2016

Intangible Assets

INTANGIBLE ASSETS

PATENT

On September 29, 2009, the Company entered into an Asset Purchase Agreement (the “Agreement”), whereby the Company acquired a patent from in exchange for 500,000 shares of the Company’s common stock and the assumption of a legal fee payable in the amount of $47,595 which is related to the patent. Based on the guidance in ASC Topic No. 350-30, the patent was recorded as an intangible asset of $462,715, or approximately $.93 per share plus $47,595 for the assumed liability. The intangible asset is being amortized over an estimated ten year useful life.

The activity for the intangible accounts is summarized below:

	2016			2015
Patent	$	510,310		$	510,310
Accumulated amortization		(369,974	)		(318,944	)
Patent, net of accumulated amortization		140,336			191,366
Total intangibles, net of accumulated amortization	$	140,336		$	191,366

The amount amortized for the year ended December 31, 2016 and 2015 was $51,030 and $51,031, respectively.