Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

Intangible Assets, Net
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net



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


    December 31, 2014     December 31, 2013  
Patents   $ 393,370     $ 380,394  
Less accumulated amortization     (200,272 )     (168,363 )
      193,098       212,031  
Patents pending     226,420       212,726  
Total intangible assets, net   $ 419,518     $ 424,757  


Patents are amortized straight-line over a period of fifteen years. Amortization expense was $31,909 and $30,609, for the years ended December 31, 2014 and 2013, 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.