Quarterly report pursuant to Section 13 or 15(d)

Other long-term assets

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Other long-term assets
3 Months Ended
Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Other long-term assets
Note 3.  Other long-term assets:

Other long-term assets consisted of the following:
   
March 31,
2016
(Unaudited)
   
December 31,
2015
 
             
Patents, trademarks and applications, net of accumulated amortization of $534,692 and $548,327, respectively
 
$
994,327
   
$
1,136,410
 
Goodwill
   
387,239
     
387,239
 
                 
   
$
1,381,566
   
$
1,523,649
 

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 $76,000 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 net patent impairment charges of $134,000 and zero during the three months ended March 31, 2016 and 2015 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.