Intangible Assets

3 Months Ended

Mar. 31, 2015

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
March 31, 2015
Licenses	4.5	$	462,234	$	313,211	$	149,023
Patents	1.7		1,893,185		1,686,298		206,887
Total	2.4	$	2,355,419	$	1,999,509	$	355,910
December 31, 2014
Licenses	4.7	$	462,234	$	306,495	$	155,739
Patents	1.9		1,893,185		1,638,975		254,210
Total	2.6	$	2,355,419		$ 1, 945,470	$	409,949

Amortization expense was $54,039 and $54,712 for the three months ended March 31, 2015 and 2014, respectively.

Based on the balance of licenses and patents at March 31, 2015, the annual amortization expense for each of the succeeding five years is estimated to be as follows:

	Amortization Expense
April 1 through  December 31, 2015	$	162,100
2016	$	81,900
2017	$	37,300
2018	$	37,300
2019	$	37,300

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