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Intangible Assets
 3 Months Ended
Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

3. Intangible Assets

 

Intangible assets are comprised of the following:

 

        March 31, 2016     December 31, 2015  
    Useful Life   Gross Carrying
Amount		     Accumulated
Amortization		     Net Carrying
Amount		     Gross Carrying
Amount		     Accumulated
Amortization		     Net Carrying
Amount		  
Acquired intangibles- customer lists and non-compete agreements   5 -10 years     1,997,300       1,656,782       340,518       1,997,300       1,635,257       362,043  
Acquired intangibles-patents and patent rights   Varied (1)   3,650,000       1,711,878       1,938,122       3,650,000       1,562,526       2,087,474  
Patent application costs   Varied (2)   1,130,750       514,431       616,319       1,062,958       494,931       568,027  
        $ 6,778,050     $ 3,883,091     $ 2,894,959     $ 6,710,258     $ 3,692,714     $ 3,017,544  

 

  (1) Acquired patents and patent rights are amortized over their expected useful life which is generally the remaining legal life of the patent. As of March 31, 2016, the weighted average remaining useful life of these assets in service was approximately 4.1 years.
     
  (2) Patent application costs are amortized over their expected useful life which is generally the remaining legal life of the patent. As of March 31, 2016, the weighted average remaining useful life of these assets in service was approximately 9.0 years.

 

Intangible asset amortization expense for the three months ended March 31, 2016 amounted to $190,377 ($241,275 - March 31, 2015).