Intangible Assets

3 Months Ended

Mar. 31, 2016

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, 2016
Licenses	3.5	$	462,234	$	340,524	$	121,710
Patents	0.8		1,893,185		1,841,581		51,604
Total		$	2,355,419	$	2,182,105	$	173,314
December 31, 2015
Licenses	3.8	$	462,234	$	333,732	$	128,502
Patents	1.1		1,893,185		1,832,955		60,230
Total		$	2,355,419	$	2,166,687	$	188,732

Amortization expense was $15,418 and $54,039 for the three months ended March 31, 2016 and 2015, respectively.

Based on the balance of licenses and patents at March 31, 2016, the annual amortization expense for each of the succeeding four years is estimated to be as follows:

	Amortization Expense
April 1 through December 31,2016	$	46,382
2017	$	61,800
2018	$	37,300
2019	$	27,832

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