Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.21.1
Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 4 – 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 2020, $70,175 of costs related to patents issued to us during 2020 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, 2020 and 2019, respectively:

 

    Year Ended December 31,  
    2020     2019  
Provisional Patent Applications   $ 585,152     $ 448,714  
Patents     209,110       138,936  
Less: Accumulated Amortization     (41,140 )     (18,309 )
                 
Net Intangible Assets   $ 753,122     $ 569,341  

 

Amortization expense on intangible assets was $27,003 and $9,861 for the years ended December 31, 2020 and 2019, respectively.

 

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

 

2021   $ 12,301  
2022     12,301  
2023     12,301  
2024     12,301  
Thereafter     118,766  
         
    $ 167,970