Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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

Note 11- Intangible Assets

 

Intangible assets as of December 31, 2017 and 2016 and the movements for the periods then ended are as follows:

 

          Distributor &        
    Patents &     Customer        
    Trademarks     Relationships     Totals  
Cost or Deemed Cost                        
At December 31, 2015   $ 2,626,996     $ 1,270,639     $ 3,897,635  
Additions     -       -       -  
Disposals     -       -       -  
At December 31, 2016   $ 2,626,996     $ 1,270,639     $ 3,897,635  
                         
Accumulated Amortization                        
At December 31, 2015   $ 1,154,113     $ 1,270,639     $ 2,424,752  
Amortization Charge     171,108       -       171,108  
Disposals     -       -       -  
At December 31, 2016   $ 1,325,221     $ 1,270,639     $ 2,595,860  
                         
Net Book Value                        
At December 31, 2015   $ 1,472,883     $ -     $ 1,472,883  
At December 31, 2016   $ 1,301,775     $ -     $ 1,301,775  
                         
Cost or Deemed Cost                        
At December 31, 2016   $ 2,626,996     $ 1,270,639     $ 3,897,635  
Additions     -       -       -  
Disposals     -       -       -  
At December 31, 2017   $ 2,626,996     $ 1,270,639     $ 3,897,635  
                         
Accumulated Amortization                        
At December 31, 2016   $ 1,325,221     $ 1,270,639     $ 2,595,860  
Amortization Charge     171,108       -       171,108  
Disposals     -       -       -  
At December 31, 2017   $ 1,496,329     $ 1,270,639     $ 2,766,968  
                         
Net Book Value                        
At December 31, 2016   $ 1,301,775     $ -     $ 1,301,775  
At December 31, 2017   $ 1,130,667     $ -     $ 1,130,667  

 

Amortization expense totaled $171,108 for the years ended December 31, 2017 and 2016.

 

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

 

Period   Amount  
2018   $ 171,108  
2019     171,108  
2020     171,108  
2021     171,108  
2022     171,108