Intangible Assets

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Note 5. Intangible Assets

Intangible assets as of the balance sheet dates consisted of the following:

	June 30, 2015			December 31, 2014
Licensed patents and patent rights	$	50,000		$	50,000
Patents		41,004			41,004
NuRx licensed technology		13,200			13,200
Less: accumulated amortization		(79,969	)		(75,684	)
Intangibles, net	$	24,235		$	28,521

The Company’s intangible assets consist of patents, licensed patents and patent rights, are carried at the legal cost to obtain them. Costs to renew or extend the term of intangible assets are expensed when incurred. In 2008, through our formerly majority owned subsidiary, the Company also held technology licenses and other acquired intangibles. Intangible assets are amortized using the straight-line method over the estimated useful life. Useful lives are as follows:

Asset Categories	Estimated Useful Life in Years
Patents		17
Patents under licensing		10
Intangibles acquired in 2008 (weighted average)		15

Amortization expense for the six months ended June 30, 2015 and 2014 totaled $4,285 and $3,706, respectively.

On March 1, 2013, the Company entered into an Exchange Agreement with NuRx Pharmaceuticals, Inc. (“NuRx”) and QN Diagnostics, LLC (“QND”), pursuant to which the Company exchanged the shares of NuRx common stock received under the terms of the settlement agreement with NuRx in July 2011 (the "Settlement Shares") for certain patents, trademarks and other intellect property formerly held by NuRx and QND covering point-of-care lateral flow diagnostics (RapidSense™) and related oral fluid collection technologies. The Company has recorded the value associated with this exchange at $13,200, and will amortize these costs over the remaining useful lives of the intellectual property exchanged.