Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	December 31, 2018
	Gross carrying amount		Accumulated amortization			Net carrying value

Goodwill	$	277,800		—		$	277,800
Customer list		42,500		(42,500	)		—
Technology		1,021,900		(782,900	)		239,000
Trade name		54,900		(54,900	)		—

	$	1,397,100	$	(880,300	)	$	516,800

	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, included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $87,200 and $133,500 for the years ended December 31, 2018 and 2017, respectively.