Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	September 30, 2016
	Gross carrying amount		Accumulated amortization			Net carrying value

Goodwill	$	277,800	$	—		$	277,800
Customer list		42,500		(42,500	)		—
Technology and Patents		1,064,600		(586,600	)		478,000
Trade name		54,600		(54,600	)		—
	$	1,439,500	$	(683,700	)	$	755,800

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

Goodwill	$	277,800	$	—		$	277,800
Customer list		42,500		(42,500	)		—
Technology and Patents		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 $25,200 and $20,000 for the three months ended September 30, 2016 and 2015, respectively and $68,200 and $60,100 for the nine months ended September 30, 2016, respectively.