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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2015
INTANGIBLE ASSETS |
INTANGIBLE ASSETS | 5.INTANGIBLE ASSETS Intangible assets consist of the following:
|  | December 31, |
|  | 2015 |  | 2014 |
Intellectual property |  | $ | 494,399 |  | $ | 494,399 |
Accumulated amortization |  | (237,218 | ) | (228,631 | )
|  | $ | 257,181 |  | $ | 265,768 |
In 1995, the Company entered into a license agreement with the Chief Executive Officer of the Company for the exclusive right to manufacture, market, and distribute products utilizing automated retraction technology, which agreement has been amended twice. This technology is the subject of various patents and patent applications owned by such officer of the Company. The initial licensing fee of $500,000 was amortized over 17 years. The license agreement also provides for quarterly payments of a 5% royalty fee on gross sales. The royalty fee expense is recognized in the period in which it is earned. Royalty fees of $2,477,583; $2,728,701; and $2,474,762 are included in Cost of sales for the years ended December 31, 2015, 2014, and 2013, respectively. Royalties payable under this agreement aggregated $631,145 and $787,434 at December 31, 2015 and 2014, respectively. Gross sales upon which royalties are based were $49,551,660; $54,574,020; and $49,495,232 for 2015, 2014, and 2013, respectively. Amortization expense for the years ended December 31, 2015, 2014, and 2013, was $8,587; $9,272; and $11,479, respectively.

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