Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.20.1
Intangible Assets
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 5 – Intangible Assets

 

The Company’s intangible assets consist of Patents and Patent Pending Applications.

 

Provisional patent applications are not amortized until a patent has been granted. Once a patent is granted, the Company will amortize the related costs over the estimated useful life of the patent. If a patent application is denied, then the costs will be expensed at that time.

 

During 2019, the Company wrote off $23,909 of patent costs related to PrintRite3D® Contour, which application was allowed to lapse. In addition, $91,863 of costs related to patents issued to us during 2019 were reclassified from provisional patent application to patent status and began to be amortized as of the date of issue.

 

The following is a summary of definite-life intangible assets less accumulated amortization as of December 31, 2019 and 2018, respectively:

 

    Year Ended December 31,  
    2019     2018  
Provisional Patent Applications   $ 448,714     $ 366,353  
Patents     138,936       47,073  
Less: Accumulated Amortization     (18,309 )     (8,448 )
                 
Net Intangible Assets   $ 569,341     $ 404,978  

 

Amortization expense on intangible assets was $9,861 and $2,094 for the years ended December 31, 2019 and 2018, respectively.

 

The estimated aggregate amortization expense for each of the succeeding years ending December 31 is as follows:

 

2020   $ 8,173  
2021     8,173  
2022     8,173  
2023     8,173  
Thereafter     87,936  
         
    $ 120,628