Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.5.0.2
INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7. INTANGIBLE ASSETS

Intellectual property and intangible assets consisted of the following at:

 

 

 

June 30,

2016

 

 

December 31,

2015

 

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

 

Licensing agreements

 

 

35,000

 

 

 

35,000

 

 

 

 

20,450,967

 

 

 

20,450,967

 

Less: accumulated amortization

 

 

(7,933,956

)

 

 

(7,189,331

)

Intangible assets, net

 

$

12,517,011

 

 

$

13,261,636

 

 

Amortization expense was $744,625 and $750,386 for the six months ended June 30, 2016 and 2015, 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