Quarterly report pursuant to Section 13 or 15(d)

5. INTANGIBLE ASSETS, NET

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5. INTANGIBLE ASSETS, NET
3 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
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.