• Filing Date: 2015-04-09
  • Form Type: 10-K
  • Description: Annual report
v2.4.1.9
6. INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

Patent

 

On September 29, 2009, the Company entered into an Asset Purchase Agreement (the “Agreement”), whereby the Company acquired a patent from in exchange for 500,000 shares of the Company’s common stock and the assumption of a legal fee payable in the amount of $47,595 which is related to the patent.    Based on the guidance in ASC Topic No. 350-30, the patent was recorded as an intangible asset of $462,715, or approximately $.93 per share plus $47,595 for the assumed liability.  The intangible asset is being amortized over an estimated ten year useful life.

 

The activity for the intangible accounts is summarized below:

 

    2014     2013  
Patent   $ 510,310     $ 510,310  
Accumulated amortization     (267,913 )     (216,882 )
Patent, net of accumulated amortization     242,397       293,428  
                 
Total intangibles, net of accumulated amortization   $ 242,397     $ 293,428  

 

The amount amortized for the year ended December 31, 2014 and 2013 was $51,031 and $51,031, respectively.