Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

Intangible Assets, Net
9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net



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



September 30, 2018


    December 31, 2017  
Patents   $ 522,575     $ 493,027  
Less accumulated amortization     (285,795 )     (263,843 )
      236,780       229,184  
Patents pending     198,361       197,426  
Total intangible assets, net   $ 435,141     $ 426,610  


Patents are amortized straight-line over a period of fifteen years. Amortization expense was $6,717 and $21,952 for the three and nine-months ended September 30, 2018, respectively, and $5,892 and $17,676 for the three and nine-months ended September 30, 2017, 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 25 issued patents, including 14 in the United States and 11 others in Europe, Canada, China, India, Japan, and Hong Kong. These patents will expire beginning in 2023 through 2028, subject to any patent term extensions of the individual patent. The Company has 3 foreign patent applications pending in Europe and Brazil.