Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS (Tables)

v2.4.0.8
INTANGIBLE ASSETS (Tables)
6 Months Ended
Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of intangible assets
These intangible assets were capitalized at their estimated fair values at the respective dates of acquisition and will be amortized over their remaining estimated useful lives.
  
 
 
Gross
Carrying
Amount at
December 31,
2013
 
Accumulated
Amortization
at
December
31, 
2013
 
Amortization-
Six months 
ended
June 30,
 2014
 
Net
Carrying 
Amount At 
June 30, 
2014
 
Trademarks
 
$
17,580
 
$
(1,367)
 
$
(1,256)
 
$
14,957
 
Patents
 
 
132,661
 
 
(1,447)
 
 
(3,902)
 
 
127,312
 
Awarded government contracts
 
 
923,261
 
 
(107,040)
 
 
(258,498)
 
 
557,723
 
Totals
 
$
1,073,502
 
$
(109,854)
 
$
(263,656)
 
$
699,992
 
Schedule of intangible assets amortization expense
Based on the intangible assets recorded at June 30, 2014, and assuming no subsequent impairment of the underlying assets, annual amortization expense for the next five years is expected to be as follows:
 
For the Year Ending June 30,:
 
Amount
 
2015
 
$
568,038
 
2016
 
 
10,315
 
2017
 
 
10,315
 
2018
 
 
10,315
 
2019
 
 
10,315
 
Thereafter
 
 
90,694