INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

INTANGIBLE ASSETS

INTANGIBLE ASSETS

4. INTANGIBLE ASSETS

        Intangible assets, included in Other Assets, consist of patent licensing fees paid to license intellectual property (see Note 16. The Company is amortizing the license fee to research and development expense over its 15-year term.

	2013			2012
Patent licensing fee	$	200,000		$	200,000
Accumulated amortization		(68,861	)		(51,361	)
	$	131,139		$	148,639

        For the years ended December 31, 2013, 2012, and 2011 the amortization expense was $17,500, $17,500, and $12,500. Amortization expense in each of the next five years is expected to be approximately $17,000 per year.