Annual report pursuant to Section 13 and 15(d)

4. Intangible Assets, net

v2.4.0.6
4. Intangible Assets, net
 12 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
4. Intangible Assets, net

(4) Intangible Assets, net

 

Intangible assets as of December 31, 2012 reflect the purchase price attributable to patents in connection with the 1998 acquisition of BioSeq, Inc. and the PCT business. Acquired PCT patents are being amortized to expense on a straight line basis at the rate of $48,632 per year over their estimated remaining useful lives of approximately 6 years. We performed a review of our intangible assets for impairment. When impairment is indicated, any excess of carrying value over fair value is recorded as a loss. An impairment analysis of intangible assets was performed as of December 31, 2012. We have concluded that there is no impairment of intangible assets. Intangible assets at December 31, 2012 and 2011 consisted of the following:

 

    December 31,  
    2012     2011  
PCT Patents   $ 778,156     $ 778,156  
Less accumulated amortization     (693,026 )     (644,394 )
Net book value   $ 85,130     $ 133,762  

 

Amortization expense for each of the years ended December 31, 2012 and 2011 was $48,632 and is expected to be $48,632 during 2013 and $36,498 in 2014, at which time the assets will be fully amortized.