Note 3 – Intangible Assets

Intangible assets, net consisted of the following:

At September 30, 2023 and December 31, 2022, the Company had capitalized $472,108 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. As further discussed in Note 5, the Company entered into a license agreement in April 2023 and capitalized $451,557 in other intangible assets related to this agreement.

Amortization expense amounted to $50,420 and $138,824 for the three and nine months ended September 30, 2023, respectively, and $37,442 and $111,352 for the three and nine months ended September 30, 2022, respectively. Amortization expense for the succeeding five years and thereafter is $50,420 (remaining three months of 2023), $201,679 (2024-2027) and $1,227,617 (thereafter).