Quarterly report pursuant to sections 13 or 15(d)

INTANGIBLE ASSETS

v2.4.0.8
INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2014
Notes to Financial Statements  
INTANGIBLE ASSETS

Intellectual property and intangible assets consisted of the following at:

 

  March 31, 2014   December 31, 2013
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  
    20,415,967       20,415,967  
Less: accumulated amortization   (3,993,955 )     (3,604,456 )
   Intangible assets, net $ 16,422,012     $ 16,811,511  

 

Amortization expense was $389,499 and $397,226 for the three months ended March 31, 2014 and 2013, 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