Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 4 – INTANGIBLE ASSETS

Intangible assets were comprised of the following:

	December 31, 2017
	Gross carrying amount		Accumulated amortization			Net carrying value

Goodwill	$	277,800		—		$	277,800
Customer list		42,500		(42,500	)		—
Technology		1,090,500		(745,200	)		345,300
Trade name		54,900		(54,900	)		—

	$	1,465,700	$	(842,600	)	$	623,100

	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, included in selling, general and administrative expenses in the accompanying consolidated statements of operations, was $133,500 and $93,700 for the years ended December 31, 2017 and 2016, respectively.