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GE Trademark License
 3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
GE Trademark License

NOTE 5 GE TRADEMARK LICENSE AGREEMENT

 

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

 

   

(Unaudited)

March 31, 2018

  

(Audited)

December 31, 2017

GE Trademark License   $ 12,000,000     $ 12,000,000  
Less: Impairment charges     (600,000)         (600,000)    
Less: accumulated amortization     (10,206,934 )     (9,759,534 )
Total, net   $ 1,193,066     $ 1,640,466  

 

Amortization expense associated with the GE Trademark License amounted to $447,400 and $602,007 for the three-months ended March 31, 2018 and 2017, respectively. The Company determined an impairment adjustment of $600,000 was necessary for the year ended 2017.

 

Assuming no impairment, the following table sets forth the estimated amortization expense for future periods based on recorded amounts as at March 31, 2018:

 

Year Ending December 31
  2018     $ 1,193,066  
  Thereafter          
  Total      $ 1,193,066