Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

Intangible Assets, Net
12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net



Intangible assets, net, consists of the following as of December 31:


    2017     2016  
Patents   $ 493,027     $ 432,985  
Less accumulated amortization     (263,843 )     (240,275 )
      229,184       192,710  
Patents pending     197,426       238,060  
Total intangible assets, net   $ 426,610     $ 430,770  


Patents are amortized straight-line over a period of fifteen years. Amortization expense was $23,568 and $22,933 for the years ended December 31, 2017 and 2016, 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 22 issued patents, including 14 in the United States and 8 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 4 foreign patent applications pending in Europe, Canada, and Brazil.