Intangible Assets

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

The Company’s intangible assets consist of patents and trade secrets acquired from third parties, and are recorded at cost. The Company amortizes the costs of its intangible assets over their estimated useful lives of approximately 11 years. Amortizable intangible assets are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested for impairment, at least annually, and written down to fair value as required.

The Company’s intangible assets, net of accumulated amortization consisted of the following:

Patents and/or software licenses, net	March 31, 2019			December 31, 2018
Cost	$	697,955		$	697,955
Accumulated Amortization		(516,162	)		(504,042	)
Net intangible assets	$	181,793		$	193,913

	March 31, 2019			December 31, 2018
Beginning balance for total intangible assets, net	$	193,913		$	261,849
Amortization expense		(12,120	)		(67,936	)
Intangible assets, net	$	181,793		$	193,913

The Surface Modification Technologies assets include a patent, trade secret technology, instructions, manuals and materials on certain manufacturing processes and know-how. For the three months ended March 31, 2019 and 2018, the Company recorded amortization expense of $12,120 and $11,879, respectively. See Note 1.

As of March 31, 2019, future amortization for the next four years for the Company’s intangible assets consist of the following:

Year		Anticipated Amortization
2019			35,393
2020			47,513
2021			47,513
2022			47,513
Thereafter			3,861
	Total anticipated amortization of intangible assets	$	181,793