Quarterly report pursuant to Section 13 or 15(d)

Other long-term assets

v2.4.0.8
Other long-term assets
3 Months Ended
Mar. 31, 2014
Other long-term assets [Abstract]  
Other long-term assets
Note 3.  Other long-term assets:
 
Other long-term assets consisted of the following:

   
March 31,
2014
(Unaudited)
   
December 31,
2013
 
         
Patents, trademarks and applications, net of accumulated  amortization of $442,592 and $422,261, respectively
 
$
1,237,553
   
$
1,214,797
 
Goodwill
   
387,239
     
387,239
 
Other
   
-
     
10,124
 
                 
   
 $
1,624,792
   
 $
1,612,160
 

The Company capitalizes legal costs and filing fees associated with obtaining patents on its new discoveries. Once the patents have been issued, the Company amortizes these costs over the shorter of the legal life of the patent or its estimated economic life using the straight-line method. Based upon the current status of the above intangible assets, the aggregate amortization expense is estimated to be approximately $81,000 for each of the next five fiscal years. The Company tests intangible assets with finite lives upon significant changes in the Company's business environment. The testing resulted in no patent impairment charges during the three months ended March 31, 2014 and 2013.