Intangible Assets

6 Months Ended

12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

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
June 30, 2015
Licenses		4.2	$	462,234	$	320,002	$	142,232
Patents		1.5		1,893,185		1,734,828		158,357
Total		2.3	$	2,355,419	$	2,054,830	$	300,589
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 $55,321 for each of the three months ended June 30, 2015 and 2014, and $109,360 and $110,033 for the six months ended June 30, 2015 and 2014, respectively.

Based on the balance of licenses and patents at June 30, 2015, the annual amortization expense for each of the succeeding five years is expected to approximate as follows:

	Amortization Expense
July 1 thru December 31, 2015	$	106,800
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.

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, 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
December 31, 2013
Licenses	5.7	$	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 $222,563 and $223,216 in 2014 and 2013, respectively.

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

Year	Amortization Expense
2015	$	173,000
2016	$	62,000
2017	$	62,000
2018	$	62,000
2019	$	50,949

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