Quarterly report pursuant to Section 13 or 15(d)

5. INTANGIBLE ASSETS, NET

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5. INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

Intangible assets consisted of the following at September 30, 2017 and December 31, 2016:

 

    Original Fair
Market Value		     Accumulated
Amortization		     Net     Useful Life
(Years)
                 
Balance - September 30, 2017                            
In-process research and development   $ 3,730,000     $ –     $ 3,730,000     –
Trade names     100,000       35,000       65,000     5
Non-compete agreements     77,000       26,950       50,050     5
    $ 3,907,000     $ 61,950     $ 3,845,050      
                             
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 September 30, 2017 and 2016 totaled $8,850 and $214,350, respectively, and for the nine months ended September 30, 2017 and 2016 totaled $26,550 and $643,050, respectively.