Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    June 30, 2018  
    Gross carrying amount     Accumulated amortization     Net carrying value  
                   
Goodwill   $ 277,800     $ —     $ 277,800  
Customer list     42,500       (42,500 )     —  
Technology     1,090,500       (797,600 )     292,900  
Trade name     54,900       (54,900 )     —  
    $ 1,465,700     $ (895,000 )   $ 570,700  

 

    December 31, 2017  
    Gross carrying amount     Accumulated amortization     Net carrying value  
                   
Goodwill   $ 277,800     $ —     $ 277,800  
Customer list     42,500       (42,500 )     —  
Technology     1,090,500       (745,200 )     345,300  
Trade name     54,900       (54,900 )     —  
    $ 1,465,700     $ (842,600 )   $ 623,100  

 

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $24,800 and $62,300 for the three months ended June 30, 2018 and 2017, respectively and $52,400 and $85,000 for the six months ended June 30, 2018 and 2017, respectively.