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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2013
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

 

 

NOTE 12: INTANGIBLE ASSETS

 

Prior to September 30, 2013, patents, technology and other intangibles with contractual terms were generally amortized over their estimated useful lives of ten years. When certain events or changes in operating conditions occur, an impairment assessment is performed and lives of intangible assets with determinable lives may be adjusted.

 

Prior to any impairment adjustment, intangible assets consisted of the following:

 

 

 

September 30,

 

December 31,

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Patents

 

$

3,563,541

 

$

3,553,651

 

Accumulated Amortization

 

(401,768

)

(135,030

)

Intangible Assets, Net

 

$

3,161,773

 

$

3,418,621

 

 

Amortization expense totaled $266,738 and $55,288 for the nine months ended September 30, 2013 and 2012, respectively.