Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
INTANGIBLE ASSETS

Intellectual property and intangible assets consisted of the following at:

 

    September 30, 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  
Licensing agreements     35,000       —    
      20,450,967       20,415,967  
Less: accumulated amortization     (4,774,837 )     (3,604,456 )
   Intangible assets, net   $ 15,676,130     $ 16,811,511  

 

Amortization expense was $1,170,381 and $1,191,678 for the nine months ended September 30, 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