Intangible Assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

3. Intangible Assets

Intangible assets are comprised of the following:

		June 30, 2017						December 31, 2016
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangibles - customer lists and non-compete agreements	5-10 years	$	1,997,300	$	1,764,407	$	232,893	$	1,997,300	$	1,721,357	$	275,943
Acquired intangibles - patents and patent rights	Varied (1)		3,155,000		2,348,355		806,645		3,155,000		2,092,767		1,062,233
Patent application costs	Varied (2)		1,141,368		624,224		517,144		1,136,465		578,623		557,842
		$	6,293,668	$	4,736,986	$	1,556,682	$	6,288,765	$	4,392,747	$	1,896,018

(1)	Acquired patents and patent rights are amortized over their expected useful life which is generally the remaining legal life of the patent. As of June 30, 2017, the weighted average remaining useful life of these assets in service was approximately 2.02 years.
(2)	Patent application costs are amortized over their expected useful life which is generally the remaining legal life of the patent. As of June 30, 2017, the weighted average remaining useful life of these assets in service was approximately 6.5 years.

Intangible asset amortization expense for the six months ended June 30, 2017 amounted to $344,238 ($359,996 - June 30, 2016).