Annual report pursuant to section 13 and 15(d)

7. INTANGIBLE ASSETS

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7. INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
NOTE 7 - INTANGIBLE ASSETS

The SUGARDOWN® technology and provisional patents, which were obtained through the acquisition of the Target in 2010 are being amortized on a straight-line basis over their estimated useful lives of 14 years. 

 

Intangible assets consist of the following:

 

    December 31,  
    2012     2011  

SUGARDOWN® technology and provisional patents

 

 

$

 

900,000

 

   

$

 

900,000

 

 

Less accumulated amortization

 

   

(139,286

 

)

 

   

(75,000

 

)

 

Intangible assets, net

 

 

$

 

760,714

 

   

$

 

825,000

 

 

 

Amortization expense for each of the years ended December 31, 2012 and 2011 was $64,286.

 

The estimated remaining amortization expense related to intangible assets with finite lives for each of the five succeeding years and thereafter is as follows:

 

 Year ending December 31:      
       

 2013

 

 

$

 

64,286

 

 

 2014

 

   

64,286

 

 

 2015

 

   

64,286

 

 

 2016

 

   

64,286

 

 

 2017

 

   

64,286

 

 
 Thereafter  

 

 

439,284  
    $   760,714