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Intellectual Property
 3 Months Ended
Mar. 31, 2016
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 March 31, 2016.

 

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. This note was paid in full as of March 31, 2016.

 

For the three months ended March 31, 2016 and 2015, amortization expense was $3,046 and $54,953, respectively, and accumulated amortization of the intangible asset- intellectual property was $668,578 at March 31, 2016.

 

Future amortization of the intangible asset – intellectual property was as follows as of March 31, 2016:

 

Year ending December 31:    
2016     $ 9,138  
2017       12,184  
2018       2,374  
Total     $ 23,696  

 

Note Payable at March 31, 2016 consists of $24,021 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 15, 2015. This note was paid in full, with accrued interest, in April 2016.