Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v2.4.1.9
INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8. INTANGIBLE ASSETS

Intellectual property and intangible assets consisted of the following at:

 

 

 

March 31,

2015

 

 

December 31,

2014

 

Patents

 

$

12,866,217

 

 

$

12,866,217

 

Customer relationships

 

 

3,400,000

 

 

 

3,400,000

 

Trademarks

 

 

2,740,000

 

 

 

2,740,000

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Licensing agreements

 

 

35,000

 

 

 

35,000

 

 

 

 

19,701,217

 

 

 

19,701,217

 

Less: accumulated amortization

 

 

(5,322,642

)

 

 

(4,944,569

)

Intangible assets, net

 

$

14,378,575

 

 

$

14,756,648

 

 

Amortization expense was $378,073 and $389,499 for the three months ended March 31, 2015 and 2014, respectively.

In October 2011, we acquired the following intangible assets related to the asset purchase with Prime Table Games LLC and Prime Table Games UK (collectively “Prime Table Games”):

 

 

 

Fair Value

 

Patents

 

$

13,259,000

 

Customer relationships

 

 

3,400,000

 

Trademarks

 

 

2,740,000

 

Goodwill

 

 

1,091,000

 

Non-compete agreement

 

 

660,000

 

Total acquired intangible assets

 

$

21,150,000