Annual report pursuant to Section 13 and 15(d)

Patents

v3.8.0.1
Patents
12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Patents

Note 3 – Patents

 

In December 2017, we acquired from RGN a patent portfolio for $4,500,000 as part of a settlement agreement. The oldest patents expire in 2024. The patent portfolio is amortized through 2024. The following is a summary of patents less accumulated amortization at December 31, 2017 and 2016:

 

    December 31,  
    2017     2016  
             
Patents   $ 4,500,000     $ -  
                 
Less accumulated amortization     -       -  
                 
    $ 4,500,000     $ -  

 

There is no amortization expense associated with patents for the years ended December 31, 2017 and 2016. The estimated future amortization expense related to patents as of December 31, 2017 is as follows:

 

Year Ended December 31.   Amount  
       
2018   $ 646,910  
2019     646,910  
2020     646,910  
2021     646,910  
2022     646,910  
Thereafter     1,265,450  
Total   $ 4,500,000