Quarterly report pursuant to Section 13 or 15(d)

Other long-term assets

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Other long-term assets
9 Months Ended
Sep. 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:

 

September 30,
2015
(Unaudited)

   

December 31,

2014

 


   

Patents, trademarks and applications, net
of accumulated amortization of $588,339 and
$507,644, respectively

$ 1,311,522     $ 1,336,951  

Goodwill

  387,239       387,239  
                 
    $ 1,698,761     $ 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 $114,000 for each of the next five fiscal years. The Company tests intangible assets with finite lives for impairment upon significant changes in the Company's business environment. The testing resulted in no patent impairment charges for the three month period ended September 30, 2015 and $5,000 in patent impairment charges for the nine month period ended September 30, 2015. No impairment charges were recorded for the three and nine month periods ended September 30, 2014.