Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	June 30, 2017
	Gross carrying amount		Accumulated amortization			Net carrying value
Goodwill	$	277,800		—		$	277,800
Customer list		42,500		(42,500	)		—
Technology		1,069,500		(696,700	)		372,800
Trade name		54,900		(54,900	)		—
	$	1,444,700	$	(794,100	)	$	650,600

	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 $62,300 and $22,800 for the three months ended June 30, 2017 and 2016, respectively and $85,000 and $43,000 for the six months ended June 30, 2017 and 2016, respectively.