Note 6 - Intangibles

12 Months Ended

Dec. 31, 2014

Notes

Note 6 - Intangibles

Note 6 – Intangibles

The Company’s intangible assets are composed of the following as of December 31, 2014 and 2013:

	December 31, 2014	December 31, 2013
Patents	$  13,023	$  13,564
Technical rights	109,044	113,581
Total intangible assets	122,067	127,145
Accumulated amortization	(33,742)	(28,842)
Intangible assets, net	$   88,325	$   98,303

Direct costs incurred in obtaining patents and technical rights are capitalized. These patents and rights are subject to amortization as their lives are statutorily limited in South Korea, typically over the period of twenty years. Accordingly, they are being amortized over the statutory lives. Management considered recoverability of the balances of these assets and determined that no adjustment was necessary as of December 31, 2014.

Amortization expenses for the years ended December 31, 2014 and 2013 were $6,316and $6,075, respectively.