NOTE 3 - INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 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 June 30, 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		(539,225	)	$	8,806
Internal costs capitalized for the twelve months ended December 31, 2013	3 years		519,733		(365,617	)	$	154,116
Internal costs capitalized for the twelve months ended December 31, 2014	3 years		598,285		(229,318	)	$	368,967
Internal costs capitalized for the six months ended June 30, 2015	3 years		71,583		(9,822	)	$	61,761
Carrying value as of June 30, 2015							$	593,650
Carrying value as of December 31, 2014							$	774,406

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

Remainder of 2015	$	207,072
2016		290,783
2017		93,686
2018		2,109
Total future amortization expense	$	593,650

Amortization expense for intangible assets as $119,833 and $252,339 for the three and six months ended June 30, 2015 and $143,632 and $271,242 for the three and six months ended June 30, 2014.