Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.3.1.900
Intangible Assets
 12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 9 - Intangible Assets

 

Intangible assets as of December 31, 2015 and 2014 and the movements for the years then ended are as follows:

 

          Distributor &        
    Patents &     Customer        
    Trademarks     Relationships     Totals  
Cost or Deemed Cost                        
 At December 31, 2013   $ 3,851,494     $ 1,270,639     $ 5,122,133  
 Additions     -       -       -  
 Disposal     -       -       -  
 At December 31, 2014   $ 3,851,494     $ 1,270,639     $ 5,122,133  
                         
Accumulated Amortization                        
 At December 31, 2013   $ 1,416,857     $ 1,270,639     $ 2,687,496  
 Amortization Charge     258,572       -       258,572  
 Disposal     -       -       -  
 At December 31, 2014   $ 1,675,429     $ 1,270,639     $ 2,946,068  
                         
Net Book Value                        
 At December 31, 2013   $ 2,434,637     $ -     $ 2,434,637  
 At December 31, 2014   $ 2,176,065     $ -     $ 2,176,065  
                         
Cost or Deemed Cost                        
 At December 31, 2014   $ 3,851,495     $ 1,270,639     $ 5,122,134  
 Additions     -       -       -  
 Disposal     (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  
 Disposal     (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  

 

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, 2015 and 2014 amortization expense was $236,706 and $258,572.

 

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

 

Period   Amount  
2016   $ 171,108  
2017   $ 171,108  
2018   $ 171,108  
2019   $ 171,108  
2020   $ 171,108