Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.7.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 10 - Intangible Assets

 

    Intangible assets as of December 31, 2016 and 2015 and the movements for the years then ended are as follows:

 

          Distributor &        
    Patents &     Customer        
    Trademarks     Relationships     Totals  
Cost or Deemed Cost                        
At December 31, 2014   $ 3,851,495     $ 1,270,639     $ 5,122,134  
Additions     -       -       -  
Disposals     (1,224,499 )     -       (1,224,499 )
At December 31, 2015   $ 2,626,996     $ 1,270,639     $ 3,897,635  
                         
Accumulated Amortization                        
At December 31, 2014   $ 1,675,430     $ 1,270,639     $ 2,946,069  
Amortization Charge     236,706       -       236,706  
Disposals     (758,023 )     -       (758,023 )
At December 31, 2015   $ 1,154,113     $ 1,270,639     $ 2,424,752  
                         
Net Book Value                        
At December 31, 2014   $ 2,176,065     $ -     $ 2,176,065  
At December 31, 2015   $ 1,472,883     $ -     $ 1,472,883  
                         
Cost or Deemed Cost                        
At December 31, 2015   $ 2,626,996     $ 1,270,639     $ 3,897,635  
Additions     -       -       -  
Disposals     -       -       -  
At December 31, 2016   $ 2,626,996     $ 1,270,639     $ 3,897,635  
                         
Accumulated Amortization                        
At December 31, 2015   $ 1,154,113     $ 1,270,639     $ 2,424,752  
Amortization Charge     171,108       -       171,108  
Disposals     -       -       -  
At December 31, 2016   $ 1,325,221     $ 1,270,639     $ 2,595,860  
                         
Net Book Value                        
At December 31, 2015   $ 1,472,883     $ -     $ 1,472,883  
At December 31, 2016   $ 1,301,775     $ -     $ 1,301,775  

 

    On December 31, 2015, the Company reassigned two fully amortized patents to the original holder as part of the settlement of a legal dispute.
     
    During the years ended December 31, 2016 and 2015 amortization expense was $171,108 and $236,706.
     
    The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

 

Period     Amount  
2017     $ 171,108  
2018     $ 171,108  
2019     $ 171,108  
2020     $ 171,108  
2021     $ 171,108