Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

3.           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, 2017 and December 31, 2016:

 

    2017     2016  
SUGARDOWN® technology and patent applications   $ 900,000     $ 900,000  
Less accumulated amortization     (444,643 )     (396,429 )
Intangible assets, net   $ 455,357     $ 503,571  

 

Amortization expense was $16,071 for the three months ended September 30, 2017 and 2016. Amortization expense was $48,214 for the nine months ended September 30, 2017 and 2016.