Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

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

Customer list	$	42,500	$	(40,000	)	$	2,500
Technology		805,700		(440,000	)		365,700
Trade name		54,600		(51,400	)		3,200

	$	902,800	$	(531,400	)	$	371,400

	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 $88,100 and $85,100 for the years ended December 31, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the next five years is as follows:

2015	$	80,200
2016		74,400
2017		74,400
2018		38,700
2019		10,500
Thereafter		93,200
	$	371,400