Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Intangible Assets, Patents

v3.10.0.1
Note 9 - Intangible Assets, Patents
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
NOTE 
9
 — INTANGIBLE ASSETS, PATENTS
 
Patents at
September 30, 2018
and
December 31, 2017
are comprised of the following:
 
   
September 30, 2018
   
December 31, 2017
 
   
Cost
   
Impairment
   
Accumulated Amortization
   
Net
   
Cost
   
Impairment
   
Accumulated Amortization
   
Net
 
Patents-foundation intellectual property
  $
1,377,863
    $
-
    $
(929,335
)   $
448,528
    $
1,377,863
    $
-
    $
(787,821
)   $
590,042
 
Epidural-Apad acquired patents
   
2,639,647
     
(1,539,794
)    
(1,099,853
)    
-
     
2,639,647
     
-
     
(439,941
)    
2,199,706
 
Total
  $
4,017,510
    $
(1,539,794
)   $
(2,029,188
)   $
448,528
    $
4,017,510
    $
-
    $
(1,227,762
)   $
2,789,748
 
 
Patents are amortized utilizing the straight-line method over estimated useful lives ranging from
3
 to
20
years. At
September 30, 2018,
Milestone Scientific identified that the APAD Patents purchased in
2017,
will
not
be developed (due to lack of financial resources) into marketable instruments in the near term. As such, Management has determined that these patents meet the accounting requirements for impairment. The impairment charge for the
three
and
nine
 months ended
September 30, 2018 
was 
$1,539,794
.
Amortization expense was
$332,071
and
$151,845
for the
three
months ended
September 30, 2018
and
2017,
respectively. Amortization expense was
$801,426
 and
$187,209
for the
nine
months ended
September 30, 2018
and
2017,
respectively.