Quarterly report pursuant to Section 13 or 15(d)

PATENTS

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PATENTS
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
NOTE C - PATENTS

The Company’s intangible assets at June 30, 2015 include patents with estimated remaining economic useful lives ranging from 1 to 6.25 years.  For all periods presented, all of the Company’s patents were subject to amortization.  The gross carrying amounts and accumulated amortization related to acquired intangible assets as of June 30, 2015 and December 31, 2014 are as follows:

 

     June 30,     December 31,  
    2015     2014  
                 
Gross carrying amount – patents   $ 6,345,000     $ 6,310,000  
Accumulated amortization – patents      (3,554,000 )        (2,728,000 )
Patents, net   $ 2,791,000     $ 3,582,000  

 

Amortization expense for the three months ended June 30, 2015 and June 30, 2014 was $413,000 and $409,000, respectively.  Amortization expense for the six months ended June 30, 2015 and June 30, 2014 was $826,000 and $818,000, respectively.  Future amortization of current intangible assets, net is as follows:

 

 

Twelve Months Ended June 30,        
         
            2016   $ 1,535,000  
            2017   $ 192,000  
            2018   $ 192,000  
            2019   $ 188,000  
            2020 and thereafter   $ 684,000  
                             Total   $ 2,791,000  
         

 

The Company’s Remote Power Patent expires in March 2020. The expiration dates of the patents within the Company’s Mirror Worlds Patent Portfolio range from June 2016 to February 2020. The expiration dates of the patents within the Cox Patent Portfolio range from September 2021 to November 2023 and the expiration date of the QoS Patents is June 2019.