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5. INTANGIBLE ASSETS AND ASSET ACQUISITION | 6 Months Ended
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Jun. 30, 2014
Notes to Financial Statements |
NOTE 5. INTANGIBLE ASSETS AND ASSET ACQUISITION | On April 15, 2013 the Company completed the acquisition of binary ionization technology and related patents and other assets consisting of personal property and inventory related to implementation of the Binary Ionization Technology related to these patents from L-3 Applied Technologies, Inc. ("L-3"). All of these assets are pledged as collateral for the convertible notes issued as described below in Note 6. The purchase price allocation was obtained from an independent valuation firm. The following sets forth the components of the final purchase price allocation:
Purchase Price |  |  |
Cash payment |  | $ | 3,500,000 |
Warranty expense |  |  | 10,000 |
Total purchase price |  | $ | 3,510,000 |
Assets Purchased |  |  |  |
Inventory |  | $ | 71,700 |
Fixed assets |  |  | 150,000 |
Patents |  |  | 2,848,300 |
Trademarks |  |  | 440,000 |
Total Assets Acquired |  | $ | 3,510,000 |
The intangible assets purchased consist of Patents and Trademarks. The patents are being amortized over the estimated remaining lives of the related patents, which is 7.7 years. The trademarks have an indefinite life. Amortization expense was $184,755 and $76,955 for the six months ended June 30, 2014 and 2013. Definite life intangible assets consist of the following:
|  | June 30, 2014 |  |  | December 31, 2013 |
|  | (Unaudited) |  |  |  |
Intellectual property and patents and trademarks |  | $ | 2,959,400 |  |  | $ | 2,959,400 |
Less: Accumulated Amortization |  |  | 557,590 |  |  |  | 372,836 |
Definite Life Intangible Assets, net |  | $ | 2,401,810 |  |  | $ | 2,586,564 |
Indefinite life intangible assets consist of the following:
|  | June 30, 2014 |  |  | December 31, 2013 |
|  | (Unaudited) |  |  |  |
Trademarks |  | $ | 440,000 |  |  | $ | 440,000 |
Total Trademarks |  | $ | 440,000 |  |  | $ | 440,000 |
Total Intangible Assets, net |  | $ | 2,841,810 |  |  | $ | 3,026,564 |

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