Annual report pursuant to Section 13 and 15(d)

Intangible assets

v3.3.1.900
Intangible assets
 12 Months Ended
Dec. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible assets
Intangible assets other than goodwill
The Company capitalized $39,272 and $68,638 of product certification costs during the years ended December 31, 2015 and 2014, 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 $88,985 and $73,321 of patent-related costs during the years ended December 31, 2015 and 2014, respectively. The Company capitalized $4,775 in trademarks during 2015.
Intangible assets at December 31, 2015 and 2014 consist of the following:
 
Product
Certifications
 
Patents
 
Developed Technology
 
Trademarks
 
Total
Balance at December 31, 2015
 

 
 

 
 
 
 
 
 

Intangible assets
$
514,616

 
$
603,915

 
$
240,000

 
$
4,775

 
$
1,363,306

Less - accumulated amortization
(182,931
)
 
(91,764
)
 
(44,000
)
 
—

 
(318,695
)
 
$
331,685

 
$
512,151

 
$
196,000

 
$
4,775

 
$
1,044,611

 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2014


 


 
 
 
 
 
 

Intangible assets
$
475,344

 
$
514,930

 
240,000

 
—

 
$
1,230,274

Less - accumulated amortization
(128,732
)
 
(62,242
)
 
(28,000
)
 
—

 
(218,974
)
 
$
346,612

 
$
452,688

 
$
212,000

 
$
—

 
$
1,011,300


Amortization expense was $99,721 and $83,986 during the years ended December 31, 2015 and 2014, respectively. Estimated amortization expense at December 31, 2015 for each of the five succeeding years and thereafter are as follows:
2016
$
153,278

2017
153,278

2018
147,081

2019
130,430

2020
124,518

Thereafter
336,026

 
$
1,044,611