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5. INTANGIBLE ASSETS AND ASSET ACQUISITION (Tables)
 6 Months Ended
Jun. 30, 2014
Intangible Assets And Asset Acquisition Tables  
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  
Intangible assets

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