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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

 

This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expenses on the Spacer and Chromophore patents granted by the United States Patent and Trademark Office in February 2011, April 2011 and September 2012, which are amortized over the remaining legal life and Chromophore patent granted by the Australian Patent Office in November 2012 which is amortized over the remaining legal life. Certain patent applications are abandoned by the Company when the claims are covered by patents already granted to the Company. Patent applications abandoned have been written off at full capitalized cost. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted

 

Patents consists of the following:

 

   

September 30,

2016

    

December 31,

2015

  
             
Patents   $ 732,962     $ 690,162  
Less: Accumulated amortization     82,314       70,395  
                 
Intangible Assets - net    $ 650,648     $ 619,767  

 

Amortization expense for the nine months ending September 30, 2016 and 2015 was $11,918 and $11,146. Amortization expense for the three months ending September 30, 2016 and 2015 was $3,972 and $3,715. Expense for abandoned patents for claims covered by patents already granted to the Company are recorded in research and development expenses and for the three months and nine months ending September 30, 2016 and 2015 were $0 and $0.