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.