Intangible Assets

6 Months Ended

Jun. 30, 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
June 30, 2017
Licenses	$	462,234	$	374,552	$	87,682
Patents		1,893,185		1,885,086		8,099
Total	$	2,355,419	$	2,259,638	$	95,781
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 $15,509 and $15,418 for the three months ended June 30, 2017 and 2016, respectively, and $30,847 and $30,836 for the six months ended June 30, 2017 and 2016, respectively.

Based on the balance of licenses and patents at June 30, 2017, future amortization expense is expected to be as follows:

	Amortization Expense
July 1 thru December 31, 2017	$	30,953
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.