Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	June 30, 2014
	Gross carrying amount		Accumulated amortization			Net carrying value

Customer list	$	42,500	$	(37,000	)	$	5,500
Technology		779,700		(402,600	)		377,100
Trade name		54,600		(47,500	)		7,100
	$	876,800	$	(487,100	)	$	389,700

	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 $22,000 and $21,300 for the three months ended June 30, 2014 and 2013, respectively and was $43,200 and $42,600 for the six months ended June 30, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the next five years is as follows:

Remaining 2014	$	43,900
2015		79,800
2016		74,000
2017		74,000
2018		38,300
Thereafter		79,700
	$	389,700