Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2014

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	March 31, 2014
	Gross carrying amount		Accumulated amortization			Net carrying value

Customer list	$	42,500	$	(34,500	)	$	8,000
Technology		731,700		(383,700	)		348,000
Trade name		54,600		(46,500	)		8,100
	$	828,800	$	(464,700	)	$	364,100

	December 31, 2013
	Gross carrying amount		Accumulated amortization			Net carrying value

Customer list	$	42,500	$	(33,900	)	$	8,600
Technology		725,700		(365,800	)		359,900
Trade name		54,600		(43,600	)		11,000
	$	822,800	$	(443,300	)	$	379,500

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $21,300 for the three months ended March 31, 2014 and 2013. The estimated aggregate amortization expense for each of the next five years is as follows:

Remaining 2014	$	63,800
2015		77,000
2016		71,200
2017		71,200
2018		35,500
Thereafter		45,400
	$	364,100