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Other long-term assets | 3 Months Ended
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Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Other long-term assets | Note 6. Other long-term assets: Other long-term assets as of March 31, 2018 consisted of the following (unaudited):
Cost: |  | Beginning Balance December 31, 2017 |  |  | Additions |  |  | Ending Balance March 31, 2018 |
Patents |  | $ | 1,059,832 |  |  | $ | 24,074 |  |  | $ | 1,083,906 |
Goodwill |  |  | 1,186,496 |  |  |  | - |  |  |  | 1,186,496 |
Convertible note investment |  |  | 200,000 |  |  |  | - |  |  |  | 200,000 |
Total |  |  | 2,446,328 |  |  |  | 24,074 |  |  |  | 2,470,402 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |
Patents |  |  | (550,183 | ) |  |  | (14,610 | ) |  |  | (564,793 | )
Total |  |  | (550,183 | ) |  |  | (14,610 | ) |  |  | (564,793 | )
Net other long-term assets |  | $ | 1,896,145 |  |  | $ | 9,464 |  |  | $ | 1,905,609 |
The Company’s intangible assets with finite lives consist of its patents. The patents were issued in relation to its animal health business which has been out-licensed. For all periods presented, all of the Company’s identifiable intangible assets were subject to amortization. The carrying amounts related to acquired intangible assets as of March 31, 2018 were as follows (unaudited):
|  | March 31, 2018 |
Patents at January 1, 2018, net |  | $ | 509,649 |
Additions |  |  | 24,074 |
Less: amortization expense |  |  | 14,610 |
Patents at March 31, 2018, net |  | $ | 519,113 |
The following table represents the total estimated amortization of intangible assets for the five succeeding years:
For the year ended December 31, |  | Estimated amortization expense |
2018 |  | $ | 43,390 |
2019 |  | $ | 58,000 |
2020 |  | $ | 58,000 |
2021 |  | $ | 58,000 |
2022 |  | $ | 46,479 |
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. Amortization expense totaled $15,000 and $18,000 for the three months ended March 31, 2018 and 2017, respectively. 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 during the three months ended March 31, 2018 and 2017.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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