Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 10 – INTANGIBLE ASSETS

 

At June 30, 2018 and December 31, 2017, intangible assets consisted of the following:

 

    Useful Life   June 30, 2018     December 31, 2017  
Patents and other technologies   5 Years   $ 1,583,260     $ 2,593,478  
Goodwill         —       397,569  
Less: accumulated amortization         (163,786 )     (86,449 )
Less: impairment loss         —       (1,321,338 )
        $ 1,419,474     $ 1,583,260  

 

For the three months ended June 30, 2018 and 2017, amortization expense amounted to $81,893 and $0, respectively. For the six months ended June 30, 2018 and 2017, amortization expense amounted to $163,786 and $0, respectively.

 

Amortization of intangible assets attributable to future periods is as follows:

 

Twelve-month periods ending June 30:     Amortization amount  
2019     $ 327,571  
2020       327,571  
2021       327,571  
2022       327,571  
2023       109,190  
      $ 1,419,474