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Intangible Assets
12 Months Ended
Dec. 31, 2016
Intangible Assets [Abstract]  
Intangible Assets

6. Intangible Assets 



As of December 31, 2016 and 2015, the Company had total intangible assets of $3,221,069. Accumulated amortization at December 31, 2016 and 2015 was $2,784,500 and $2,585,180, respectively.  Amortization expense for the years 2016 and 2015 was $199,320 and $299,833, respectively, as determined under the straight-line method. The estimated future amortization of intangible assets is $199,320 annually through July 2018, decreasing thereafter to $143,765 in 2018, $65,988 in 2019 and $27,496 through May 2020.

The Company also recognized impairment charges of $443,931 during 2015 on certain 2010 intellectual property rights relating to the Company’s Odyssey Solution due to uncertainty around forecasted revenue under the Odyssey system distribution agreement beyond May 2016.  The impairment is the result of a decline in forecasted revenue attributable to this intellectual property that indicated it was probable the undiscounted future cash flows would not exceed the book value of the intellectual property.  As a result, the book value of the intellectual property was reduced to its fair value as estimated using a discounted cash flow analysis.  The Company evaluated the discount rate in the fair value calculation with the assistance of a third party valuation specialist (Level 3).