| INTANGIBLE ASSETS, NET |
Intangible
assets consisted of the following at June 30, 2017 and December 31, 2016:
| |
|
Original
Fair Market Value |
|
|
Accumulated
Amortization |
|
|
Net |
|
|
Useful
Life (Years) |
|
| Balance - June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In-process research and development |
|
$ |
3,730,000 |
|
|
$ |
– |
|
|
$ |
3,730,000 |
|
|
|
|
|
| Trade names |
|
|
100,000 |
|
|
|
30,000 |
|
|
|
70,000 |
|
|
|
5 |
|
| Non-compete agreements |
|
|
77,000 |
|
|
|
23,100 |
|
|
|
53,900 |
|
|
|
5 |
|
| |
|
$ |
3,907,000 |
|
|
$ |
53,100 |
|
|
$ |
3,853,900 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 June 30, 2017 and 2016 totaled $8,850 and $214,350, respectively, and for the six months ended
June 30, 2017 and 2016 totaled $17,700 and $428,700, respectively.
|