Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2013
Intangible Assets  
INTANGIBLE ASSETS

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