Intangible Assets

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 3. Intangible Assets

The following is a summary of intangible assets which consists of licenses and patents:

	Weighted Average Amortization Period (years)		Cost		Accumulated Amortization		Net Book Value
June 30, 2012
Licenses		8.2	$	462,234	$	238,288	$	223,946
Patents		3.1		1,893,185		1,142,754		750,431
Total		4.1	$	2,355,419	$	1,381,042	$	974,377
December 31, 2011
Licenses		8.7	$	462,234	$	224,708	$	237,526
Patents		3.3		1,893,185		1,051,145		842,040
Total		4.4	$	2,355,419	$	1,275,853	$	1,079,566

Amortization expense was $49,534 and $52,208 for the three months ended June 30, 2012 and 2011, respectively and $105,189 and $101,845 for the six months ended June 30, 2012 and 2011, respectively.

Based on the balance of licenses and patents at June 30, 2012, the expected annual amortization expense for each of the succeeding five years is estimated to be as follows:

	Amortization Expense
2012	$	222,800
2013	$	222,800
2014	$	222,800
2015	$	222,800
2016	$	83,200

License fees and royalty payments are expensed annually if incurred, as the Company does not attribute any future benefits other than within that period.