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Intangible Assets
9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 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:

 

 

Cost

 

Accumulated Amortization

 

Net Book
Value

September 30, 2016

 

 

 

 

 

 

 

 

 

Licenses

 

$

462,234

 

$

354,179

 

$

108,055

Patents

 

 

1,893,185

 

 

1,858,932

 

 

34,253

Total

 

$

2,355,419

 

$

2,213,111

 

$

142,308

December 31, 2015

 

 

 

 

 

 

 

 

 

Licenses

 

$

462,234

 

$

333,732

 

$

128,502

Patents

 

 

1,893,185

 

 

1,832,955

 

 

60,230

Total

 

$

2,355,419

 

$

2,166,687

 

$

188,732

Amortization expense was $15,589 and $55,929 for the three months ended September 30, 2016 and 2015, respectively, and $46,424 and $165,288 for the nine months ended September 30, 2016 and 2015, respectively.

Based on the balance of licenses and patents at September 30, 2016, the annual amortization expense for each of the succeeding four years is expected to approximate as follows:

 

 

Amortization Expense

October 1 thru December 31, 2016

 

$

15,376

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.

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, 2015         
Licenses  3.8  $462,234  $333,732  $128,502 
Patents  1.1   1,893,185   1,832,955   60,230 
Total  1.9  $2,355,419  $2,166,687  $188,732 
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 $221,217 and $222,563 in 2015 and 2014, respectively.

 

Based on the balance of licenses and patents at December 31, 2015, the annual amortization expense for each of the succeeding four years is expected to approximate as follows:

 

 Year Amortization Expense
 2016 $61,800
 2017 $61,800
 2018 $37,300
 2019 $27,832

 

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