Intangible Assets

12 Months Ended

Dec. 31, 2011

Intangible Assets

4. Intangible Assets

In January 2009, the Company acquired certain technological and intellectual property assets from Cyberkinetics Neurotechnology Systems, Inc., or Cyberkinetics, and Andara Life Science, Inc., a wholly-owned subsidiary of Cyberkinetics, for $350,000 in cash. The Company had been amortizing these intangible assets using the straight-line method over their economic lives, which was estimated to be five years. Research and development expenses included amortization of this technological and intellectual property of $17,500 for the quarter March 31, 2011. Following its decision to terminate development work related to this technology, the Company recorded within research and development expense in the second quarter of 2011 an impairment charge of $192,500 for the remaining unamortized balance of these assets. Amortization expense for each of the years ended December 31, 2010 and 2009 was $70,000.

Intangible assets consist of the following:

	December 31, 2011										December 31, 2010
	Gross Intangibles		Accumulated Amortization			Impairment			Net Intangibles		Gross Intangibles		Accumulated Amortization			Net Intangibles
Technological and intellectual property	$	350,000	$	(157,500	)	$	(192,500	)	$	—	$	350,000	$	(140,000	)	$	210,000