Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	September 30, 2015
	Gross carrying amount		Accumulated amortization			Net carrying value
Customer list	$	42,500	$	(42,500	)	$	0
Technology		864,600		(494,400	)		370,200
Trade name		54,600		(54,600	)		0
	$	961,700	$	(591,500	)	$	370,200

	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 $39,600 for the three months ended September 30, 2015 and 2014, respectively and was $60,100 and $83,400 for the nine months ended September 30, 2015 and 2014, respectively.