Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 9 - INTANGIBLE ASSETS AND GOODWILL

The following table summarizes identifiable intangible assets of the Company, which include identifiable intangible assets from the acquisition of IDS Ltd, PowerKey (the industrial vehicle monitoring products division of International Electronics, Inc. acquired by the Company in 2008) and AI as of December 31, 2015 and September 30, 2016:

September 30, 2016	Useful Lives (In Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Patents		11	$	1,489,000	$	(914,000	)	$	575,000
Unamortized:
Customer list				104,000		—			104,000
Trademark and Tradename				61,000		—			61,000
				165,000		—			165,000
Total			$	1,654,000	$	(914,000	)	$	740,000

December 31, 2015	Useful Lives (In Years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Amortized:
Patents		11	$	1,489,000	$	(812,000	)	$	677,000
Unamortized:
Customer list				104,000		—			104,000
Trademark and Tradename				61,000		—			61,000
				165,000		—			165,000
Total			$	1,654,000	$	(812,000	)	$	842,000

Amortization expense for the three- and nine-month periods ended September 30, 2015 was $33,000 and $101,000, respectively, and for the three- and nine-month periods ended September 30, 2016 was $34,000 and $102,000, respectively. Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

Year ending December 31:
October - December 2016	$	34,000
2017		135,000
2018		135,000
2019		135,000
2020		135,000

There have been no changes in the carrying amount of goodwill from January 1, 2016 to September 30, 2016.