Quarterly report pursuant to Section 13 or 15(d)

Other long-term assets

v3.7.0.1
Other long-term assets
6 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Other long-term assets
Note 4.  Other long-term assets:

Other long-term assets consisted of the following as of June 30, 2017 and December 31, 2016:

   
Beginning Balance
(December 31, 2016)
   
Additions
   
Impairments
   
Ending Balance
(June 30, 2017)
 
                         
Cost:
                       
  Patents
 
$
1,032,982
   
$
12,965
   
$
   
$
1,045,947
 
  Goodwill
   
447,951
     
     
     
447,951
 
Total
   
1,480,933
     
12,965
     
     
1,493,898
 
                                 
Accumulated Amortization:
                               
  Patents
   
(482,183
)
   
(35,316
)
   
     
(517,499
)
  Goodwill
   
(60,712
)
   
     
     
(60,712
)
Total
   
(542,895
)
   
(35,316
)
   
     
(578,211
)
                                 
Net Other Long Term Assets
 
$
938,038
   
$
(22,351
)
 
$
   
$
915,687
 


The Company capitalizes legal costs and filing fees associated with obtaining patents on its new discoveries. Once the patents have been issued, the Company amortizes these costs over the shorter of the legal life of the patent or its estimated economic life using the straight-line method. Based upon the current status of the above intangible assets, the aggregate amortization expense is estimated to be approximately $71,000 for each of the next five fiscal years. The Company tests intangible assets with finite lives for impairment upon significant changes in the Company's business environment. The testing resulted in no patent impairment for the three and six months ended June 30, 2017 and $34,000 and $168,000, for the three and six months ended June 30, 2016, respectively. The impairment charges are related to the Company's ongoing analysis of which specific country patents in its portfolio are determined as potentially worth pursuing.