Note 3 – Intangible Assets

Intangible assets, net consisted of the following:

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At March 31, 2023 and December 31, 2022, the Company had capitalized $320,134 and $341,610, respectively, for costs related to patents and trademarks that have not been awarded. Cost related to patents that have not yet been awarded are not amortized until patent issuance.

Amortization expense amounted to $38,226 and $36,812 for the three months ended March 31, 2023 and 2022, respectively. Amortization expense for the succeeding five years and thereafter is $117,740 (remaining nine months of 2023), $156,987 (2024-2027) and $956,838 (thereafter).