Intangible Assets

3 Months Ended

Mar. 31, 2017

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
March 31, 2017
Licenses	$	462,234	$	367,760	$	94,474
Patents		1,893,185		1,876,369		16,816
Total	$	2,355,419	$	2,244,129	$	111,290
December 31, 2016
Licenses	$	462,234	$	361,044	$	101,190
Patents		1,893,185		1,867,747		25,438
Total	$	2,355,419	$	2,228,791	$	126,628

Amortization expense was $15,338 and $15,418 for the three months ended March 31, 2017 and 2016, respectively.

Based on the balance of licenses and patents at March 31, 2017, future annual amortization expense is expected to be as follows:

	Amortization Expense
April 1 through December 31,2017	$	46,462
2018	$	37,300
2019	$	27,528

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