Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

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

Goodwill	$	277,800		—		$	277,800
Customer list		42,500		(42,500	)		—
Technology		1,027,100		(518,300	)		508,800
Trade name		54,600		(54,600	)		—

	$	1,402,000	$	(615,400	)	$	786,600

	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, included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $84,100 and $88,100 for the years ended December 31, 2015 and 2014, respectively.