Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	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

	December 31, 2012
	Gross carrying amount		Accumulated amortization			Net carrying value

Customer list	$	42,500	$	(27,800	)	$	14,700
Technology		712,100		(294,700	)		417,400
Trade name		54,600		(35,800	)		18,800

	$	809,200	$	(358,300	)	$	450,900

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $85,100 for each of the years ended December 31, 2013 and 2012. The estimated aggregate amortization expense for each of the next five years is as follows:

2014	$	85,100
2015		77,000
2016		71,200
2017		71,200
2018		35,500
Thereafter		39,500
	$	379,500