Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	March 31, 2015
	Gross carrying amount		Accumulated amortization			Net carrying value

Customer list	$	42,500	$	(41,500	)	$	1,000
Technology		823,000		(456,600	)		366,400
Trade name		54,600		(53,300	)		1,300
	$	920,100	$	(551,400	)	$	368,700

	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

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $20,000 and $21,400 for the three months ended March 31, 2015 and 2014, respectively. The estimated aggregate amortization expense for each of the next five years is as follows:

Remaining 2015	$	60,200
2016		74,400
2017		74,400
2018		38,700
2019		10,500
Thereafter		110,500
	$	368,700