Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS (Tables)

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INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of 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.