Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.1
Intangible Assets
 3 Months Ended
Mar. 31, 2021
Intangible Assets  
Intangible Assets

Note 3 – Intangible Assets

Intangible assets, net consisted of the following:

 

 

 

 

 

 

 

 

 

    

March 31, 

    

December 31, 

 

 

2021

 

2020

 

 

(unaudited)

 

 

 

Patents

 

$

970,976

 

$

941,701

Other intangible assets

 

 

1,391,479

 

 

964,542

 

 

 

2,362,455

 

 

1,906,243

Accumulated amortization

 

 

(361,038)

 

 

(337,340)

 

 

$

2,001,417

 

$

1,568,903

 

Amortization expense amounted to $23,698 and $22,298 for the three months ended March 31, 2021 and 2020, respectively. Amortization expense for the succeeding five years and thereafter is $100,732 (2021), $134,310  (2022-2025) and $1,118,267 (thereafter).

At March 31, 2021 and December 31, 2020, the Company had capitalized $245,178 and $270,000, respectively, for costs related to patents that have not been awarded.