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

 

The intangible assets described in Note 8 are being amortized over their useful lives, which are estimated to be 10 years. Intangible amortization expense was ($133) and $15,309 during the three-month and nine-month periods ended September 30, 2016, respectively. The immaterial credit to amortization expense during the three-month period ended September 30, 2016 resulted from an adjustment to correct an immaterial over-recognition of this expense during the six-month period ended June 30, 2016. The net value of these intangibles was $175,731 as of September 30, 2016. A summary of intangible amortization expense estimated for the five years beginning January 1, 2016 and thereafter is as follows:

 

Period Amount 
Three months ending December 31, 2016 $9,847 
Year ending December 31, 2017  39,387 
Year ending December 31, 2018  39,387 
Year ending December 31, 2019  12,444 
Year ending December 31, 2020  12,444 
After December 31, 2020  62,222 
Total $175,731