Note 3 – Intangible Assets

Intangible assets, net consisted of the following:

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Amortization expense amounted to $37,442 and $111,352 for the three and nine months ended September 30, 2022, respectively, and $36,642 and $95,517 for the three and nine months ended September 30, 2021, respectively. Amortization expense for the succeeding five years and thereafter is $37,700 (remaining three months of 2022), $150,802 (2023-2026) and $1,052,321 (thereafter).

At September 30, 2022 and December 31, 2021, the Company had capitalized $339,709 and $306,640, respectively, for costs related to patents that have not been awarded.