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5. GE Trademark License
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
5. GE Trademark License

Note 5 GE Trademark License Agreement

 

The Company entered into an amended License Agreement with General Electric regarding the trademarking of its products. The License Agreement is amortized through its expiration in November 2018.

  

   

March 31, 2016

(Unaudited)

  

December 31, 2015

(Audited) 

GE Trademark License   $ 12,000,000     $ 12,000,000  
Less: Impairment Charges     —         —    
Less: Accumulated Amortization     (5,484,950 )     (4,876,254 )
Patents – net   $ 6,515,050     $ 7,123,746  

 

Amortization expense associated with the GE Trademark Licenses amounted to $608,896 and $602,006 for the three months ended March 31, 2016 and 2015, respectively.

 

At March 31, 2016, future amortization of intangible assets is as follows for the remaining:

 

Year Ending December 31
  2016     $ 1,839,465  
  2017       2,441,472  
  2018       2,234,113  
        $ 6,515,050