Intangible Assets

9 Months Ended

Sep. 30, 2015

5 — Intangible Assets

The following table summarizes the components of intangible asset balances:

	September 30, 2015			December 31, 2014
	(unaudited)
Patents — in use	$	168,383		$	238,548
Patents — in process	44,469			31,358
Internally developed software	148,967			148,967

	361,819			418,873
Accumulated amortization	(180,483		)	(168,037		)

Total	$	181,336		$	250,836

Amortization expense of intangible assets was $8,830 and $9,861 for the three months ended September 30, 2015 and 2014, respectively, and $27,177 and $29,277 for the nine months ended September 30, 2015 and 2014. During the nine months ended September 30, 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:

Three months ending December 31, 2015	$	8,830
2016	18,016
2017	10,538
2018	10,538
2019	10,538
2020	10,538