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, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET
5. INTANGIBLE ASSETS, NET

 

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

  

    Original Fair Market Value     Accumulated Amortization     Net     Useful Life
(Years)		  
                         
Balance - September 30, 2018:                                
In-process research and development   $ 3,730,000     $ –     $ 3,730,000       –  
Trade names     100,000       55,000       45,000       5  
Non-compete agreements     77,000       42,350       34,650       5  
    $ 3,907,000     $ 97,350     $ 3,809,650          
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 September 30, 2018 and 2017 totaled $8,850 and $8,850, respectively and for the nine months ended September 30, 2018 and 2017 totaled $26,550 and $26,550, respectively.