v3.7.0.1
Impairment Expense on Intangible Asset
12 Months Ended
Dec. 31, 2016
Impairment Expense on Intangible Asset [Abstract]  
IMPAIRMENT EXPENSE ON INTANGIBLE ASSET

NOTE 9 – IMPAIRMENT EXPENSE ON INTANGIBLE ASSET

 

During the year ended December 31, 2015, the Company tested for impairment certain intangible assets associated with the MRP assets, which include trade secret technology, instructions, manuals and applicable materials on certain manufacturing processes. After careful review and evaluation of the MRP assets, the Company’s management feels that furthering research and development and/or marketing/sales efforts connected to the MRP assets are not the best use of Company’s funds or time from the Company’s management or sales team at this time. Therefore, in accordance with ASC 360-10-35, Property, Plant and Equipment, Overall, Subsequent Measurement, the Company recognized an impairment expense of $15,000 during the year ended December 31, 2015 for the MRP intangible assets. This has been treated as an operating expense and included in Impairment expense on the Company’s Consolidated Statement of Operations. See Notes 1 and 6.