NOTE 3 - INTANGIBLE ASSETS

9 Months Ended

Sep. 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 September 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		(548,031	)	$	--
Internal costs capitalized for the twelve months ended December 31, 2013	3 years		519,733		(408,928	)	$	110,805
Internal costs capitalized for the twelve months ended December 31, 2014	3 years		598,285		(279,175	)	$	319,110
Internal costs capitalized for the nine months ended September 30, 2015	3 years		89,497		(17,280	)	$	72,217
Carrying value as of September 30, 2015							$	502,132
Carrying value as of December 31, 2014							$	774,406

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

Remainder of 2015	$	100,626
2016		296,754
2017		99,658
2018		5,094
Total future amortization expense	$	502,132

Amortization expense for intangible assets as $109,432 and $361,771 for the three and nine months ended September 30, 2015 and $129,961 and $401,204 for the three and nine months ended September 30, 2014.