Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    June 30, 2017
    Gross carrying
amount
  Accumulated
amortization
  Net carrying
value
Goodwill   $ 277,800       —       $ 277,800  
Customer list     42,500       (42,500 )     —    
Technology     1,069,500       (696,700 )     372,800  
Trade name     54,900       (54,900 )     —    
    $ 1,444,700     $ (794,100 )   $ 650,600  

 

    December 31, 2016
    Gross carrying
amount
  Accumulated
amortization
  Net carrying
value
             
Goodwill   $ 277,800       —       $ 277,800  
Customer list     42,500       (42,500 )     —    
Technology     1,069,500       (609,300 )     460,200  
Trade name     57,300       (57,300 )     —    
    $ 1,447,100     $ (709,100 )   $ 738,000  

 

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $62,300 and $22,800 for the three months ended June 30, 2017 and 2016, respectively and $85,000 and $43,000 for the six months ended June 30, 2017 and 2016, respectively.