Quarterly report pursuant to Section 13 or 15(d)

Other long-term assets

v3.7.0.1
Other long-term assets
3 Months Ended
Mar. 31, 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 March 31, 2017 and December 31, 2016:

   
Beginning Balance
   
Additions
   
Impairments
   
Ending Balance
 
March 31, 2017:
                       
Cost:
                       
  Patents
 
$
1,032,982
   
$
11,911
   
$
   
$
1,044,893
 
  Goodwill
   
447,951
     
     
     
447,951
 
                                 
Total
   
1,480,933
     
11,911
     
     
1,492,844
 
                                 
Accumulated Amortization:
                               
  Patents
   
(482,183
)
   
(17,658
)
   
     
(499,841
)
  Goodwill
   
(60,712
)
   
     
     
(60,712
)
Total
   
(542,895
)
   
(17,658
)
   
     
(560,553
)
                                 
Net Other Long Term Assets
 
$
938,038
   
$
(5,747
)
 
$
   
$
932,291
 

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 months ended March 31, 2017 and $134,000 for the three months ended March 31, 2016. 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.