Quarterly report pursuant to Section 13 or 15(d)

Intellectual Property

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Intellectual Property
3 Months Ended
Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intellectual Property

4.         Intellectual Property

 

On July 3, 2014, five of the founding stockholders contributed the rights to certain intellectual property to the Company in exchange for the issuance of 4,101,822 shares with a fair value of $1,059,000. This contribution was recorded as an intangible asset with an offset to additional paid-in capital for $637,158 and deferred taxes for $421,842.

Intellectual property, net, is comprised of the following as of the dates indicated:

 

    March 31,
2016
    December 31,
2015
 
Intellectual property   $ 1,246,856     $ 1,219,080  
Accumulated amortization     (184,817 )     (153,967 )
Intellectual property, net   $ 1,062,039     $ 1,065,113  

 

Amortization expense was $30,850 and $26,817 for the three months ended March 31, 2016 and March 31, 2015, respectively.