Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

 

Intangible assets were comprised of the following:

 

    March 31, 2017
    Gross carrying
amount
  Accumulated
amortization
  Net carrying
value
Goodwill   $ 277,800       —       $ 277,800  
Customer list     42,500       (42,500 )     —    
Technology     1,069,500       (634,400 )     435,100  
Trade name     57,300       (57,300 )     —    
    $ 1,447,100     $ (734,200 )   $ 712,900  

 

    December 31, 2016
    Gross carrying
amount
  Accumulated
amortization
  Net carrying
value
Goodwill   $ 277,800       —       $ 277,800  
Customer list     42,500       (42,500 )     —    
Technology     1,069,500       (609,300 )     460,200  
Trade name     57,300       (57,300 )     —    
    $ 1,447,100     $ (709,100 )   $ 738,000  

 

The estimated useful lives of the intangible assets range from seven to ten years. Amortization expense was $25,100 and $22,800 for the three months ended March 31, 2017 and 2016, respectively.