Quarterly report pursuant to Section 13 or 15(d)

Other long-term assets

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Other long-term assets
6 Months Ended
Jun. 30, 2014
Other long-term assets [Abstract]  
Other long-term assets

Note 3.  Other long-term assets:

 

Other long-term assets consisted of the following:

 

   

June 30,
2014
(Unaudited)

   

December 31,

2013

 
         

Patents, trademarks and applications, net of accumulated amortization of $463,147 and $422,261, respectively

  $ 1,287,215     $ 1,214,797  

Goodwill

    387,239       387,239  

Other

          10,124  
                 
     $ 1,674,454      $ 1,612,160  

 

Amortization expense totaled approximately $21,000 and $41,000, and $22,000 and $41,000 for three and six month periods ended June 30, 2014 and 2013, respectively.

 

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 in 2014, and approximately $3,000 of total impairment charges during the three and six month periods ended June 30, 2013.