Quarterly report pursuant to Section 13 or 15(d)

NOTE 4 - INTANGIBLE ASSETS

NOTE 4 - INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

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

Customer list	$ 42,500	$ (38,400)	$ 4,100
Technology	1,840,700	(438,900)	1,401,800
Trade name	54,600	(49,400)	5,200
	$ 1,937,800	$ (526,700)	$ 1,411,100

	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 $39,600 and $21,300 for the three months ended September 30, 2014 and 2013, respectively and was $83,400 and $61,800 for the nine months ended September 30, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the next five years is as follows:

Remaining 2014	$ 50,400
2015	191,700
2016	185,900
2017	182,100
2018	144,600
Thereafter	656,400
	$ 1,411,100