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, 2015
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,
2015
(Unaudited)

   

December 31,

2014

 


   

Patents, trademarks and applications, net
of accumulated amortization of $559,922 and
$507,644, respectively

$ 1,327,047     $ 1,336,951  

Goodwill

  387,239       387,239  
                 
    $ 1,714,286     $ 1,724,190  

 

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 $97,000 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 $ 5,000  in patent impairment charges for each of the three and the six month periods ended June 30, 2015. No impairment charges were recorded for the three and six month periods ended June 30, 2014.