Quarterly report pursuant to Section 13 or 15(d)

Amortizable intangible assets (Notes)

v2.4.0.8
Amortizable intangible assets (Notes)
 9 Months Ended
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
Intangible assets other than goodwill
As of December 31, 2013 and September 30, 2014 the Company has the following amounts related to intangible assets:
 
Product
Certifications
 
Patents
 
Developed Technology
 
Total
Balance at December 31, 2013
 

 
 

 
 
 
 

Intangible assets
$
406,705

 
$
441,610

 
240,000

 
$
1,088,315

Less - accumulated amortization
(83,405
)
 
(39,583
)
 
(12,000
)
 
(134,988
)
 
$
323,300

 
$
402,027

 
$
228,000

 
$
953,327

 
 
 
 
 
 
 
 
Balance at September 30, 2014
 

 
 

 
 
 
 

Intangible assets
$
478,344

 
$
498,215

 
240,000

 
$
1,216,559

Less - accumulated amortization
(116,876
)
 
(55,739
)
 
(24,000
)
 
(196,615
)
 
$
361,468

 
$
442,476

 
$
216,000

 
$
1,019,944

The aggregate amortization expense of the Company's intangible assets for the three months ended September 30, 2014 and 2013 was $22,255 and $24,247, respectively. The aggregate amortization expense of the Company's intangible assets for the nine months ended September 30, 2014 and 2013 was $63,181 and $72,741, respectively.
Estimated future annual amortization expense related to the intangible assets is as follows:
2014
 
$
22,460

2015
 
135,001

2016
 
135,001

2017
 
135,001

2018
 
128,803

Thereafter
 
463,678

Total amortization expense
 
$
1,019,944


The Company expects to receive foreign patents for the patents granted in the United States by year end. The expense in the estimated future amortization schedule is based on this assumption.