Annual report pursuant to section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
INTANGIBLE ASSETS

 

8.           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, 
   2011   2010 
SUGARDOWN® technology and provisional patents  $900,000   $900,000 
Less accumulated amortization   (75,000)   (10,714)
Intangible assets, net  $825,000   $889,286 

  

Amortization expense for the years ended December 31, 2011 and 2010, was $64,286 and $10,714, respectively.

 

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:      
       
 2012   $ 64,286  
 2013     64,286  
 2014     64,286  
 2015     64,286  
 2016     64,286  
 Thereafter        503,570  
    $   825,000