Note 3 - Intangibles

3 Months Ended

Mar. 31, 2015

Notes

Note 3 - Intangibles

Note 3 – Intangibles

The Company’s intangible assets are composed of the following as of March 31, 2015 and December 31, 2014:

	March 31, 2015	December 31, 2014
Patents	$     12,954	$     13,023
Technical rights	108,472	109,044
	121,426	122,067
Accumulated amortization	(35,070)	(33,742)
Intangible assets, net	$    86,356	$    88,325

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 March 31, 2015.

Amortization expenses for the three months ended March 31, 2015 and the year ended December 31, 2014 were $1,511 and $6,316, respectively.