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Note 5 - Intangible Assets
 12 Months Ended
Dec. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 5 — Intangible Assets

 

Intangible assets consist of a patent purchased in 2004 for $600,000 covering the design and functioning of plug-in bar code scanners, bar code imagers, and radio frequency identification products, which is being amortized on a straight line basis over its estimated life of ten years. Intangible assets of $570,750 remaining from a prior acquisition in 2000 consisting of developed software and technology with estimated lives at the time of acquisition of 8.5 years was fully amortized in the quarter ended June 30, 2009.

Amortization of all intangible assets was $60,000 in each of the years ended December 31, 2013 and 2012, and are included in research and development expense. Intangible assets as of December 31, 2013 consisted of the following:

 

  

Gross

Assets

 

Accumulated

Amortization

 

 

Net

Patent  $600,000   $570,000   $30,000 
Project management tools    570,750    570,750    —   
     Total intangible assets   $1,170,750  $1,140,750  $30,000

 

 

The Company will complete the amortization of the above intangible assets in the first half of 2014.

 

Intangible assets as of December 31, 2012 consisted of the following:

 

  

Gross

Assets

 

Accumulated

Amortization

 

 

Net

Patent  $600,000   $510,000   $90,000 
Project management tools    570,750    570,750    —   
     Total intangible assets   $1,170,750  $1,080,750  $90,000