| INTANGIBLE ASSETS, NET |
Intangible
assets consisted of the following at March 31, 2018 and December 31, 2017:
| |
|
Original Fair Market
Value |
|
|
Accumulated Amortization |
|
|
Net |
|
|
Useful Life
(Years) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Balance - March 31, 2018: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development |
|
$ |
3,730,000 |
|
|
$ |
– |
|
|
$ |
3,730,000 |
|
|
– |
| Trade names |
|
|
100,000 |
|
|
|
45,000 |
|
|
|
55,000 |
|
|
5 |
| Non-compete agreements |
|
|
77,000 |
|
|
|
34,650 |
|
|
|
42,350 |
|
|
5 |
| |
|
$ |
3,907,000 |
|
|
$ |
79,650 |
|
|
$ |
3,827,350 |
|
|
|
| Balance - December 31, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development |
|
$ |
3,730,000 |
|
|
$ |
– |
|
|
$ |
3,730,000 |
|
|
- |
| Trade names |
|
|
100,000 |
|
|
|
40,000 |
|
|
|
60,000 |
|
|
5 |
| Non-compete agreements |
|
|
77,000 |
|
|
|
30,800 |
|
|
|
46,200 |
|
|
5 |
| |
|
$ |
3,907,000 |
|
|
$ |
70,800 |
|
|
$ |
3,836,200 |
|
|
|
Amortization
expense for the three months ended March 31, 2018 and 2017 totaled $8,850 and $8,850, respectively.
|