NOTE 3 - INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

Note 3 - Intangible Assets

NOTE 3 - INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

Intangible assets are recorded at cost and consist of the Trunity eLearning Platform software development costs which include direct labor, including taxes and benefits. Amortization is computed using the straight-line method over three years. Amortization of three years is based on management’s best estimate of useful life of current technology in this industry.

 Intangible assets were comprised of the following at March 31, 2015:

Trunity eLearning Platform Software Development Cost	Estimated Life	Gross Cost		Accumulated Amortization			Net Book Value
Internal costs capitalized for the twelve months ended December 31, 2012	3 years		548,031		(518,525	)	$	29,506
Internal costs capitalized for the twelve months ended December 31, 2013	3 years		519,733		(322,307	)	$	197,426
Internal costs capitalized for the twelve months ended December 31, 2014	3 years		598,285		(179,460	)	$	418,825
Internal costs capitalized for the three months ended March 31, 2015	3 years		46,281		(3,857	)	$	42,424
Carrying value as of March 31, 2015							$	688,181
Carrying value as of December 31, 2014							$	774,407

Estimated future amortization expense is as follows for the following periods:

Remainder of 2015	$	320,580
2016		282,349
2017		85,252
Total future amortization expense	$	688,181