|12 Months Ended|
Dec. 31, 2016
The Company’s intangible assets consist of the following:
License agreements are being amortized over periods ranging from 17-20 years. Patent costs were being amortized over three years. As of December 31, 2016, the patents were fully amortized, the remaining patents of $308,212 are pending patent costs and are not amortized until approved. Amortization expense for 2016 and 2015 was approximately $75,000 and $46,000, respectively. As of December 31, 2016, future amortization of license agreements is expected to be $70,000 for 2017 through 2023 and $56,000 for 2024.
The Company has entered into license agreements (the “License Agreements”) with the University of Florida Research Foundation (“UFRF”) and University of Texas at Austin (“UTA”). Under the terms of the License Agreements, the Company acquired exclusive worldwide licenses for underlying technology used in repairing and regenerating nerves. The licensed technologies include the rights to issued patents and patents pending in the United States and international markets. The effective term of the License Agreements extends through the term of the related patents and the agreements may be terminated by the Company with 60 days prior written notice. Additionally, in the event of default, licensors may terminate an agreement if the Company fails to cure a breach after written notice. The License Agreements contain the key terms listed below:
Royalty fees were approximately $812,000 and $526,000 during 2016 and 2015 and are included in sales and marketing expense on the accompanying consolidated statements of operations.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://www.xbrl.org/2003/role/presentationRef