Intangible Assets

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 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, 2014
Licenses		6.0	$	462,234	$	299,629	$	162,605
Patents		2.1		1,893,185		1,589,576		303,609
Total		2.8	$	2,355,419	$	1,889,205	$	466,214
December 31, 2013
Licenses		6.7	$	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 $56,265 and $56,266 for the three months ended September 30, 2014 and 2013 respectively, and $166,298 and $166,962 for the nine months ended September 30, 2014 and 2013 respectively.

Based on the balance of licenses and patents at September 30, 2014, the expected annual amortization expense for each of the succeeding five years is estimated to be as follows:

Year	Amortization Expense
October 1 through December 31, 2014	$	56,500
2015	$	172,500
2016	$	61,800
2017	$	61,800
2018	$	20,800

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
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
December 31, 2012
Licenses		7.72	$	462,234	$	252,019	$	210,215
Patents		3.3		1,893,185		1,247,672		645,513
Total		4.2	$	2,355,419	$	1,499,691	$	855,728

Amortization expense was $223,216 and $223,838 in 2013 and 2012, respectively.

Based on the balance of licenses and patents at December 31, 2013, the annual amortization expense for each of the succeeding five years is estimated to be as follows:

Year	Amortization Expense
2014	$	222,800
2015	$	172,500
2016	$	61,800
2017	$	61,800
2018	$	20,800

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