Annual report pursuant to Section 13 and 15(d)

Intangible Assets

Intangible Assets
12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets



Intangible assets consist of the following:


    December 31,  
    2015     2014  
Trademarks   $ 17,580     $ 17,580  
Patents     132,661       132,661  
      150,241       150,241  
Less: accumulated amortization     (23,445 )     (13,129 )
Intangible assets, net   $ 126,796     $ 137,112  


Amortization expense related to intangible assets was $10,316 and $290,374 for the years ended December 31, 2015 and 2014, respectively.


On July 8, 2015, the Company was notified by the New York State Energy Research and Development Authority (“NYSERDA”) that it would not extend its deadline of June 30, 2015 for completion of the scope of the Company work prescribed by the grants which were acquired in conjunction with the acquisitions of Beam and EV Pass. As a result, the Company performed an impairment test as of December 31, 2014 of the intangible asset and determined that it was fully impaired. Accordingly, the Company recorded an impairment charge of $536,161 which was equal to the remaining net book value of the government contracts as of December 31, 2014.