| INTANGIBLE ASSETS |
NOTE 4 – INTANGIBLE ASSETS
Intangible assets were comprised of the following:
| |
|
March 31, 2016 |
| |
|
Gross carrying amount |
|
Accumulated amortization |
|
Net carrying value |
| |
|
|
|
|
|
|
| Goodwill |
|
$ |
277,800 |
|
|
|
— |
|
|
$ |
277,800 |
|
| Customer list |
|
|
42,500 |
|
|
|
(42,500 |
) |
|
|
— |
|
| Technology |
|
|
1,047,400 |
|
|
|
(541,100 |
) |
|
|
506,300 |
|
| Trade name |
|
|
54,600 |
|
|
|
(54,600 |
) |
|
|
— |
|
| |
|
$ |
1,422,300 |
|
|
$ |
(638,200 |
) |
|
$ |
784,100 |
|
| |
|
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 |
|
The estimated useful lives of the intangible
assets range from seven to ten years. Amortization expense was $22,800 and $20,000 for the three months ended March 31, 2016 and
2015, respectively.
|