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Intellectual Property
 9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Intellectual Property

Note 5 – Intellectual Property

 

Intellectual Property partially consists of technology acquired from the purchase of 100% of the membership interests of Cornerstone Conservation Group LLC (“Cornerstone”) in March 30, 2012 for $659,440. Accumulated amortization with respect to this intellectual property was $659,440 at September 30, 2015.

 

On June 30, 2015, the Company entered into an Assignment Agreement with VyrexIP Holdings Inc., a company owned by Company shareholder Edward Gomez for the purchase of intellectual property. The net price of these assets was comprised of a down payment of $16,116 and a $58,436 promissory note to the seller due July 15, 2016, partially offset by assignment by the seller to the Company of a $38,000 promissory note due November 14, 2015, issued by the seller’s licensee Epalex Corporation, a company of which Mr. Gomez is chairman and a major stockholder.

 

For each of the nine months ended September 30, 2015 and 2014, amortization expense was $58,000 and $164,900 and accumulated amortization of the intangible asset- intellectual property was $662,486 at September 30, 2015.

 

Future amortization of the intangible asset – intellectual property was as follows as of September 30, 2015:

 

Year ending December 31:      
    2015     $           3,046
    2016                12,184
    2017                        12,184
    2018                  2,374
Total     $         29,788

 

Note Payable at September 30, 2015 consists of $58,436 promissory note to VyrexIP Holdings Inc. for the purchase of intellectual property. The Company has agreed to pay principal plus accrued interest over 10 monthly payments of $6,080.64, each due on the 15th day of each month, beginning October 15th, 2015.