Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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Intangible Assets, Net
6 Months Ended
Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 5 – INTANGIBLE ASSETS, net

 

Intangible assets, net, consists of the following as of:

 

    June 30, 2015     December 31, 2014  
Patents   $ 393,370     $ 393,370  
Less accumulated amortization     (211,934 )     (200,272 )
      181,436       193,098  
Patents pending     242,206       226,420  
Total intangible assets, net   $ 423,642     $ 419,518  

 

Patents are amortized straight-line over a period of fifteen years. Amortization expense was $2,708 and $11,662, for the three and six-months ended June 30, 2015, respectively. Amortization expense was $9,526 and $15,303, for the three and six-months ended June 30, 2014, respectively.

 

The Company has capitalized costs for several patents that are still pending. In those instances, the Company has not recorded any amortization. The Company will commence amortization when these patents are approved.

 

The Company owns 20 issued patents, including 13 in the United States and 7 others in China, India, Japan, and Hong Kong. These patents will expire during the years of 2023 to 2028, subject to any patent term extensions of the individual patent. The Company has 1 patent application pending in the United States and 5 foreign patent applications pending in Europe, Canada, and Brazil.