Intangibles license agreement (Tables)

12 Months Ended

Dec. 31, 2014

Intangibles license agreement

Intangibles license agreement

Intangibles consisted of the following as of December 31, 2014 and 2013, respectively:

	December 31, 2014			December 31, 2013
License agreements	$	350,000		$	-
Website development		8,000			8,000
Total cost		358,000			8,000
Less: accumulated amortization		(60,500	)		(8,000	)
Intangibles, net	$	297,500		$	-

Amortization expense was $52,500 and $800 for the year ended December 31, 2014 and 2013, respectively.

The minimum commitments due under the license agreement for the next five years are summarized as follows:

	Amount
2015	$	700,000
2016		1,000,000
2017		1,000,000
2018		1,000,000
2019		1,000,000
	$	4,700,000