Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.3.1.900
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8. INTANGIBLE ASSETS

Intangible assets consisted of the following at December 31, 2015 and 2014:

 

 

 

2015

 

 

2014

 

Patents

 

$

13,615,967

 

 

$

13,615,967

 

Customer relationships

 

 

3,400,000

 

 

 

3,400,000

 

Trademarks

 

 

2,740,000

 

 

 

2,740,000

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

License agreements

 

 

35,000

 

 

 

35,000

 

 

 

 

20,450,967

 

 

 

20,450,967

 

Less: accumulated amortization

 

 

(7,189,331

)

 

 

(5,694,319

)

Intangible assets, net

 

$

13,261,636

 

 

$

14,756,648

 

 

Included in amortization expense was $1,495,012 and $1,561,631 related to the above intangible assets for the years ended December 31, 2015 and 2014, respectively.

In 2014, we recognized an impairment charge of $528,233 relating to patents purchased in 2011 from PTG.  We determined these patents to be adversely limiting in scope and nature and have a carrying value in excess of their fair value.  As of December 2014, we abandoned our maintenance of the patents and reduced the carrying value to zero.