Intangible Assets

9 Months Ended

Sep. 30, 2013

Intangible Assets [Abstract]

Intangible Assets

Note 3. Intangible Assets

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

 

	Weighted Average Remaining Amortization Period (years)			Cost			Accumulated Amortization			Net Book Value
September 30, 2013
Licenses		7.0	$	462,234		$	272,391		$	189,843
Patents		2.8			1,893,185			1,394,262			498,923
Total		3.6		$	2,355,419		$	1,666,653		$	688,766
December 31, 2012
Licenses		7.7		$	462,234		$	252,019		$	210,215
Patents		3.3			1,893,185			1,247672			645,513
Total		4.2		$	2,355,419		$	1,499,691		$	855,728

Amortization expense was $56,266 and $62,384 for the three months ended September 30, 2013 and 2012, respectively, and $166,962 and $167,573 for the nine months ended September 30, 2013 and 2012, respectively.

Based on the balance of licenses and patents at September 30, 2013, the expected annual amortization expense for each of the succeeding five years is estimated to be as follows:

	Amortization Expense
2013	$	222,800
2014	$	213,200
2015	$	61,800
2016	$	61,800
2017	$	20,800