| INTANGIBLE ASSETS, NET |
Intangible assets consisted of the following
at March 31, 2017 and December 31, 2016:
| |
|
Original Fair Market Value |
|
|
Accumulated Amortization |
|
|
Net |
|
|
Useful Life
(Years)
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Balance - March 31, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development |
|
$ |
3,730,000 |
|
|
$ |
– |
|
|
$ |
3,730,000 |
|
|
– |
| Trade names |
|
|
100,000 |
|
|
|
25,000 |
|
|
|
75,000 |
|
|
5 |
| Non-compete agreements |
|
|
77,000 |
|
|
|
19,250 |
|
|
|
57,750 |
|
|
5 |
| |
|
$ |
3,907,000 |
|
|
$ |
44,250 |
|
|
$ |
3,862,750 |
|
|
|
| Balance - December 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development |
|
$ |
3,730,000 |
|
|
$ |
– |
|
|
$ |
3,730,000 |
|
|
- |
| Trade names |
|
|
100,000 |
|
|
|
20,000 |
|
|
|
80,000 |
|
|
5 |
| Non-compete agreements |
|
|
77,000 |
|
|
|
15,400 |
|
|
|
61,600 |
|
|
5 |
| |
|
$ |
3,907,000 |
|
|
$ |
35,400 |
|
|
$ |
3,871,600 |
|
|
|
Amortization expense for the three months ended
March 31, 2017 and 2016 totaled $8,850 and $214,350, respectively.
|