Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.19.1
Intangible Assets
12 Months Ended
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Note 6 — Intangible Assets
 
Intangible assets, net consisted of the following:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
Patents
 
$
824,004
 
 
$
747,447
 
Other intangible assets
 
 
732,175
 
 
 
732,175
 
 
 
 
1,556,179
 
 
 
1,479,622
 
Accumulated amortization
 
 
(159,770
)
 
 
(94,789
)
 
 
$
1,396,409
 
 
$
1,384,833
 
  
At December 31, 2018 and 2017, the Company had capitalized approximately $354,427 and $330,070, respectively, for costs related to patents that have not been awarded. During the years ended December 31, 2018 and 2017, the Company wrote-off $56,504 and $87,655, respectively, in previously capitalized patent costs.
 
Amortization expense amounted to $64,981 and $51,732 for the years ended December 31, 2018 and 2017, respectively. Amortization expense for the succeeding five years and thereafter is $65,787 (2019-2023) and $713,047 (thereafter).