Intangible Assets

3 Months Ended

Mar. 31, 2014

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 AmortizationPeriod (years)		Cost		Accumulated Amortization		Net Book Value
March 31, 2014
Licenses		6.5	$	462,234	$	285,974	$	176,260
Patents		2.4		1,893,185		1,491,645		401,540
Total		3.2	$	2,355,419	$	1,777,619	$	577,800
December 31, 2013
Licenses		6.72	$	462,234	$	279,258	$	182,976
Patents		2.6		1,893,185		1,443,649		449,536
Total		3.4	$	2,355,419	$	1,722,907	$	632,512

Amortization expense was $54,712 and $55,043 for the three months ended March 31, 2014 and 2013, respectively.

Based on the balance of licenses and patents at March 31, 2014, the annual amortization expense for each of the succeeding five years is estimated to be as follows:

	Amortization Expense
April 1 through December 31,2014	$	168,100
2015	$	172,500
2016	$	61,800
2017	$	61,800
2018	$	20,800

License fees and royalty payments are expensed as incurred as the Company does not attribute any future benefits to such payments.