Annual report pursuant to Section 13 and 15(d)

Intangible Assets, net

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Intangible Assets, net
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible Assets, net

Note 4 – Intangible Assets, net

 

Intangible assets which are recorded at cost comprise of:

 

    September 30, 2017  

June 30,

2017

  March 31, 2017  

December 31,

2016

Technology   $ 3,091,615     $ 3,090,787     $ 3,089,539     $ 3,087,989  
Marketing and distribution agreement     370,000       370,000       370,000       370,000  
Trademarks     264       264       264       264  
License rights     1,348       1,348       1,348       1,348  
      3,463,227       3,462,398       3,461,151       3,459,601  
Accumulated amortization     (1,559,802 )     (1,435,994 )     (1,312,196 )     (1,189,124 )
Technology and other intangibles, net   $ 1,903,425     $ 2,026,405     $ 2,148,955     $ 2,270,477  
                                 

  

 

On August 2, 2014, the Company commenced amortization of technology and other intangibles upon delivery of commercial beta devices for testing to a collaboration partner. During the three, six and nine-months period ended March 31, 2017, $123,072 (2016 - $123,558), June 30, 2017, $246,870 (2016-$246,576) and September 30, 2017, $370,678 (2016-$369,312) were recorded as amortization on technology and other intangibles, respectively.

 Note 4 – Intangible Assets, net

 

Intangible assets which are recorded at cost comprise of:

 

    December 31, 2017   December 31, 2016   December 31, 2015
Technology   $ 3,098,391     $ 3,087,989     $ 3,077,244  
Marketing and distribution agreement     370,000       370,000       370,000  
Trademarks     264       264       264  
License rights     1,348       1,348       1,348  
      3,470,003       3,459,601       3,448,856  
Accumulated amortization     (1,683,792 )     (1,189,124 )     (695,271 )
Technology and other intangibles, net   $ 1,786,211     $ 2,270,477     $ 2,753,585  

 

On August 2, 2014, the Company commenced amortization of technology and other intangibles upon delivery of commercial beta devices for testing to a collaboration partner. During the year ended December 31, 2017, $494,668 (2016 - $493,853, 2015 - $491,865) was recorded as amortization on technology and other intangibles. The Company’s estimated technology amortization over the next five years is expected to be $1,786,211.

 

The estimated amortization of intangible assets for the five years ended December 31, 2022 is as follows:

 

For the years ended
December 31,
  Total   Technology   Marketing and
distribution agreement
2018   $ 494,232     $ 441,375     $ 52,857  
2019     494,232       441,375       52,857  
2020     494,232       441,375       52,857  
2021     303,515       272,682       30,833  
2022     —         —         —    
    $ 1,786,211     $ 1,596,807     $ 189,404