Quarterly report pursuant to Section 13 or 15(d)

5. INTANGIBLE ASSETS, NET

v3.10.0.1
5. INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET
5. INTANGIBLE ASSETS, NET

 

Intangible assets consisted of the following at June 30, 2018 and December 31, 2017:

  

    Original Fair Market Value     Accumulated Amortization     Net     Useful Life
(Years)
                       
Balance - June 30, 2018:                            
In-process research and development   $ 3,730,000     $ –     $ 3,730,000     –
Trade names     100,000       50,000       50,000     5
Non-compete agreements     77,000       38,500       38,500     5
    $ 3,907,000     $ 88,500     $ 3,818,500      
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 June 30, 2018 and 2017 totaled $8,850 and $8,850, respectively and for the six months ended June 30, 2018 and 2017 totaled $17,700 and $17,700, respectively.