Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2014

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses And Other Current Assets [Text Block]

Note 6 — Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	December 31,		December 31,
	2014		2013
Prepaid insurance	$	125,106	$	63,096
Prepaid fees and rent		249,046		151,454
Deposits and advances		1,360,672	$	279,870
Prepaid royalties		604,166		724,999
Other Current Assets		—		38,863
	$	2,338,990	$	1,258,282

Prepaid fees and rent consist primarily of prepaid service contracts. Deposits and advances consist primarily of payments to the Company’s raw materials suppliers and Angel® centrifuge manufacturers. Other Current Assets was exclusively made up of parts used to refurbish the Angel® centrifuges. Prepaid royalties consist of a cash payment, and the fair value of the common stock and warrant issued for the release of the Worden security interest in patents (See Note 13 - Equity for additional details). The royalty is amortized to cost of sales over the life of the patent. For the years ended December 31, 2014 and 2013, royalty amortization expense was approximately $120,833 and $100,694, respectively.