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5. INTANGIBLE ASSETS AND ASSET ACQUISITION (Tables)
12 Months Ended
Dec. 31, 2014
Intangible Assets And Asset Acquisition Tables  
Final purchase price
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
Definite life intangible assets

   

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
   

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

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