Quarterly report pursuant to Section 13 or 15(d)

PREPAID LICENSE FEES

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PREPAID LICENSE FEES
3 Months Ended
Mar. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID LICENSE FEES

Amortization of prepaid license fees is included in general and administrative expenses as reflected in the accompanying consolidated statements of operations. Amortization expense for the quarter ended March 31, 2015 was $55,555. Prepaid license fees – current and long-term portion amounted to $222,222 and $1,931,900 at March 31, 2015, respectively, and are included in prepaid expenses. Future amortization of prepaid license fees is as follows:

 

March 31,        
2016   222,222  
2017     222,222  
2018     222,222  
2019     222,222  
2020 and thereafter     1,265,234  
Total   $ 2,154,122