Intangible Assets

3 Months Ended

Mar. 31, 2015

5 — Intangible Assets

The following table summarizes the components of intangible asset balances:

	March 31, 2015			December 31, 2014
	(unaudited)
Patents — in use	$	168,383		$	238,548
Patents — in process	32,158			31,358
Internally developed software	148,967			148,967
	349,508			418,873
Accumulated amortization	(162,824		)	(168,037		)
Total	$	186,684		$	250,836

Amortization expense of intangible assets was $9,519 and $9,554 for the three months ended March 31, 2015 and 2014, respectively. During the three months ended March 31, 2015, we recorded an impairment charge of $55,433 on patents related to certain of our IV sets. This charge is included as general and administrative expense in our Condensed Statements of Operations and Comprehensive Income.

Expected annual amortization expense for the next five years related to intangible assets is as follows:

Nine months ending December 31, 2015	$	26,489
2016	18,016
2017	10,538
2018	10,538
2019	10,538
2020	10,538