Note 4 - Intangibles

6 Months Ended

Jun. 30, 2015

Notes

Note 4 - Intangibles

Note 4 – Intangibles

The Company’s intangible assets are composed of the following as of June 30, 2015 and December 31, 2014:

	June 30, 2015	December 31, 2014
Patents	$     12,734	$     13,023
Technical rights	106,629	109,044
	119,363	122,067
Accumulated amortization	(35,953)	(33,742)
Intangible assets, net	$    83,410	$    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 June 30, 2015.

Amortization expenses for the six months ended June 30, 2015 and the year ended December 31, 2014 were $3,026 and $6,316, respectively.