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5. INTANGIBLE ASSETS AND ASSET ACQUISITION | 12 Months Ended
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Dec. 31, 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 $369,508 and $261,736 for the years ended December 31, 2014 and 2013. Definite life intangible assets consist of the following:
|  | December 31, 2014 |  | December 31, 2013
Intellectual property and patents |  | $ 2,848,300 |  | $ 2,848,300
Less: Accumulated Amortization |  | 631,244 |  | 261,736
Intangible Assets, net |  | $ 2,217,056 |  | $ 2,586,564
Indefinite life intangible assets consist of the following:
|  | December 31, 2014 |  | December 31, 2013
Trademarks |  | $ 440,000 |  | $ 440,000
|  | December 31, 2014 |  | December 31, 2013
Total Intangible Assets |  | $ 2,657,056 |  | $ 3,026,564
Approximate amortization over the next five years is as follows:
Year Ending December 31, |  | Amount
2015 |  | $ 370,000
2016 |  | 370,000
2017 |  | 370,000
2018 |  | 370,000
2019 |  | 370,000
Thereafter |  | 367,000
|  | $2,217,000

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