Intangible Assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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:
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:
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