Intangible Assets

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Intangible Assets

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

	September 30, 2017 (unaudited)			December 31, 2016
Licensed patents and patent rights	$	50,000		$	50,000
Patents		41,044			41,044
Lateral Flow Licensed Technology		13,200			13,200
Less: accumulated amortization		(93,051	)		(90,370	)
Intangibles, net	$	11,193		$	13,874

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. 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 nine months ended September 30, 2017 and 2016 totaled $2,681 and $5,182, respectively.