Quarterly report pursuant to Section 13 or 15(d)

7. INTANGIBLE ASSETS

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7. INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
NOTE 7 - INTANGIBLE ASSETS

The SUGARDOWN® technology and patent applications are being amortized on a straight-line basis over their useful lives of 14 years.  Goodwill is not amortized, but is evaluated annually for impairment.

 

Intangible assets consist of the following at September 30, 2015 and December 31, 2014:

 

    2015     2014  
SUGARDOWN® technology and patent applications   $ 900,000     $ 900,000  
Less accumulated amortization     (316,071 )     (267,857 )
Intangible assets, net   $ 583,929     $ 632,143  

 

Amortization expense was $16,072 and $48,214 for the three and nine months ended September 30, 2015 and 2014, respectively.