Quarterly report pursuant to Section 13 or 15(d)

DEFINITE-LIFE INTANGIBLE ASSETS

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DEFINITE-LIFE INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2012
DEFINITE-LIFE INTANGIBLE ASSETS  
DEFINITE-LIFE INTANGIBLE ASSETS

NOTE 3 - DEFINITE-LIFE INTANGIBLE ASSETS

 

 

 

 

 

 

Definite-life intangible assets at June 30, 2012 and December 31, 2011 consist of the following:

 

 

 

 

 

 

 

June 30, 2012

 

December 31, 2011

 

 

(Unaudited)

 

 

Patent applications pending

$

14,501

$

14,501

Less:  Accumulated amortization

 

(7,784)

 

(7,300)

 

 

 

 

 

 

$

6,717

$

7,201

 

The Company’s definite-life intangible assets are amortized, upon being placed in service, over the 15 year estimated useful lives of the assets, with no residual value. Amortization expenses for the six months ended June 30, 2012 and 2011 were $484 and $484, respectively. The Company estimates that amortization expenses for existing assets for each of the next five years will be approximately $1,000 per year.