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5. INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
NOTE 5. INTANGIBLE ASSETS

Intangible assets consist of Patents and Trademarks related to our Binary Ionization Technology.  All of these assets were pledged as collateral for the convertible notes as described below in Note 6.  The patents are being amortized over the estimated remaining lives of the related patents.  The trademarks have an indefinite life.  Amortization expense was $369,508 and $369,508 for the year ended December 31, 2015 and 2014.

 

           Definite life intangible assets consist of the following:

 

   

December 31,

2015

    

December 31,

2014

  
             
Intellectual Property and Patents   $ 2,848,300     $ 2,848,300  
Less: Accumulated Amortization      1,000,752        631,244  
Intangible Assets, net   $ 1,847,548     $ 2,217,056  

Indefinite life intangible assets consist of the following:

 

Trademarks

   $ 440,000     $ 440,000  

 

 

Total Intangible Assets, net

   $ 2,287,548     $ 2,657,056  

 

 

Approximate amortization over the next five years is as follows:

 

 

 Twelve Month Period Ending December 31,   Amount  
       
 2016   $ 370,000  
 2017     370,000  
 2018     370,000  
 2019     370,000  
 2020      368,000  
         
    $ 1,848,000