Annual report pursuant to section 13 and 15(d)

8. INTANGIBLE ASSETS

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8. INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
NOTE 8 - INTANGIBLE ASSETS

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

 

Intangible assets consist of the following as of December 31:

 

    2013     2012  
SUGARDOWN® technology and provisional patents   $ 900,000     $ 900,000  
Less accumulated amortization     (203,571 )     (139,286 )
Intangible assets, net   $ 696,429     $ 760,714  

 

Amortization expense for each of the years ended December 31, 2013 and 2012 was $64,285.

 

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

 

Fiscal year      
2014   $ 64,286  
2015     64,286  
2016     64,286  
2017     64,286  
2018     64,286  
    Thereafter     374,999  
    $ 696,429