Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	September 30, 2017
	Gross carrying amount		Accumulated amortization			Net carrying value

Goodwill	$	277,800	$	—		$	277,800
Customer list		42,500		(42,500	)		—
Technology		1,087,400		(721,200	)		366,200
Trade name		54,900		(54,900	)		—
	$	1,462,600	$	(818,600	)	$	644,000

	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 $24,400 and $25,200 for the three months ended September 30, 2017 and 2016, respectively and $109,500 and $68,200 for the nine months ended September 30, 2017 and 2016, respectively.