Annual report pursuant to Section 13 and 15(d)

Intangible assets

v2.4.0.8
Intangible assets
 12 Months Ended
Dec. 31, 2013
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible assets
Intangible assets other than goodwill
 
The Company capitalized $171,224 and $17,314 of product certification costs during the years ended December 31, 2013 and 2012, 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 $226,726 and $146,981 of patent-related costs during the years ended December 31, 2013 and 2012, respectively. The Company also capitalized $240,000 certain developed technology in connection with an asset acquisition which is being amortized over its useful life of fifteen years. Intangible assets at December 31, 2013 and 2012 consist of the following:
 
 
Product
Certifications
 
Patents
 
Developed Technology
 
Total
Balance at December 31, 2013
 

 
 

 
 
 
 

Intangible assets
$
406,706

 
$
441,609

 
240,000

 
$
1,088,315

Less - accumulated amortization
(83,405
)
 
(39,583
)
 
(12,000
)
 
(134,988
)
 
$
323,301

 
$
402,026

 
$
228,000

 
$
953,327

 
 
 
 
 
 
 
 
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


 
Amortization expense was $56,643 and $33,896 during the years ended December 31, 2013 and 2012, respectively. Estimated amortization expense at December 31, 2013 for each of the five succeeding years is as follows:
 
2014
$
80,937

2015
119,758

2016
119,758

2017
119,758

2018
113,560

Thereafter
399,556

 
$
953,327