Annual report pursuant to Section 13 and 15(d)

Intangible assets

v2.4.0.6
Intangible assets
 12 Months Ended
Dec. 31, 2012
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible assets
Intangible assets
 
The Company capitalized $17,314 and $22,036 of product certification costs during the years ended December 31, 2012 and 2011, respectively. Also included in intangible assets are the costs incurred by the Company to acquire certain patents. These patents, once in service, will be amortized on a straight-line basis over the estimated economic life of the associated product, which range from approximately 7-10 years. The Company capitalized $146,981 and $16,712 of patent-related costs during the years ended December 31, 2012 and 2011, respectively. Intangible assets at December 31, 2012 and 2011 consist of the following:
 
 
Product
Certifications
 
Patents
 
Total
Balance at December 31, 2012
 

 
 

 
 

Intangible assets
$
235,482

 
$
214,883

 
$
450,365

Less - accumulated amortization
(57,798
)
 
(20,547
)
 
(78,345
)
 
$
177,684

 
$
194,336

 
$
372,020

 
 
 
 
 
 
Balance at December 31, 2011
 

 
 

 
 

Intangible assets
$
218,168

 
$
67,902

 
$
286,070

Less - accumulated amortization
(38,254
)
 
(6,195
)
 
(44,449
)
 
$
179,914

 
$
61,707

 
$
241,621


 
Amortization expense was $33,896 and $23,992 during the years ended December 31, 2012 and 2011, respectively. Estimated amortization expense at December 31, 2012 for each of the five succeeding years is as follows:
 
2013
$
39,879

2014
54,246

2015
54,246

2016
54,246

2017
54,246

Thereafter
115,157

 
$
372,020