Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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

NOTE 5 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

 

    September 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       (822,300 )     268,200  
Trade name     54,900       (54,900 )     —    
    $ 1,465,700     $ (919,700 )   $ 546,000  

 

    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 $24,400 for the three months ended September 30, 2018 and 2017, respectively and $77,200 and $109,500 for the nine months ended September 30, 2018 and 2017, respectively.