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Intangible Assets

3 Months Ended

Mar. 31, 2018

5. Intangible Assets

Intangible assets are comprised of the following:

		March 31, 2018						December 31, 2017
	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		1,832,275		165,025		1,997,300		1,810,750		186,550
Acquired intangibles - patents and patent rights	Varied (1)		3,155,000		2,731,736		423,264		3,155,000		2,603,942		551,058
Patent application costs	Varied (2)		1,163,797		685,198		478,599		1,148,017		664,873		483,144
		$	6,316,097	$	5,249,209	$	1,066,888	$	6,300,317	$	5,079,565	$	1,220,752

	⁽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, 2018, the weighted average remaining useful life of these assets in service was approximately 1.47 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, 2018, the weighted average remaining useful life of these assets in service was approximately 7.3 years.

Intangible asset amortization expense for the three months ended March 31, 2018 amounted to $169,644 ($170,019 - March 31, 2017).