Ideal Power Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

3 Months Ended

Mar. 31, 2022

Intangible Assets

Intangible Assets

Note 3 – Intangible Assets

Intangible assets, net consisted of the following:


	March 31,		December 31,
	2022		2021
	(unaudited)
Patents	$	1,150,426	$	1,133,841
Other intangible assets		1,391,479		1,391,479
		2,541,905		2,525,320
Accumulated amortization – patents		(171,142)		(158,516)
Accumulated amortization – other intangible assets		(335,340)		(311,154)
	$	2,035,423	$	2,055,650

Amortization expense amounted to $36,812 and $23,698 for the three months ended March 31, 2022 and 2021, respectively. Amortization expense for the succeeding five years and thereafter is $110,732 (2022), $147,642 (2023-2026) and $1,016,200 (thereafter).

At March 31, 2022 and December 31, 2021, the Company had capitalized $317,923 and $306,640, respectively, for costs related to patents that have not been awarded.