Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2013

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	September 30, 2013
	Gross carrying amount		Accumulated amortization			Net carrying value

Customer list	$	42,500	$	(32,400	)	$	10,100
Technology		712,100		(348,200	)		363,900
Trade name		54,600		(41,600	)		13,000
Patents Pending		13,500		—			13,500

	$	822,700	$	(422,200	)	$	400,500

	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 $21,300 and $21,300 for the three months ended September 30, 2013 and 2012, respectively and was $63,800 and $63,800 for the nine months ended September 30, 2013 and 2012, respectively. The estimated aggregate amortization expense for each of the next five years is as follows:

Remaining 2013	$	21,300
2014		85,100
2015		77,000
2016		71,200
2017		71,200
Thereafter		61,300
	$	387,000