Annual report pursuant to Section 13 and 15(d)

Intangible assets

Intangible assets

12 Months Ended

Dec. 31, 2014

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible assets other than goodwill

The Company capitalized $68,638 and $171,224 of product certification costs during the years ended December 31, 2014 and 2013, 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 $73,321 and $226,726 of patent-related costs during the years ended December 31, 2014 and 2013, respectively. The Company also capitalized in 2013 $240,000 for developed technology in connection with an asset acquisition which is being amortized over its useful life of fifteen years. Intangible assets at December 31, 2014 and 2013 consist of the following:



	Product Certifications			Patents			Developed Technology			Total
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

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

Amortization expense was $83,986 and $56,643 during the years ended December 31, 2014 and 2013, respectively. Estimated amortization expense at December 31, 2014 for each of the five succeeding years and thereafter are as follows:



2015	$	92,389
2016	137,096
2017	137,096
2018	130,899
2019	114,248
Thereafter	399,572
	$	1,011,300