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

Quarterly report pursuant to Section 13 or 15(d)

Note 3 - Intangible Assets

Note 3 - Intangible Assets

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

Note 3 – Intangible Assets

Intangible assets, net consisted of the following:

	March 31,			December 31,
	2024			2023
	(unaudited)
Patents	$	1,601,638		$	1,530,257
Trademarks		18,352			15,794
Other intangible assets		1,843,036			1,843,036
		3,463,026			3,389,087
Accumulated amortization - patents		(290,881	)		(272,872	)
Accumulated amortization - other intangible assets		(570,837	)		(536,149	)
	$	2,601,308		$	2,580,066

At March 31, 2024 and December 31, 2023, the Company had capitalized $430,287 and $460,890, respectively, for costs related to patents 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 $52,697 and $38,226 for the three months ended March 31, 2024 and 2023, respectively. Amortization expense for the succeeding five years and thereafter is $160,934 (remaining nine months of 2024), $214,579 (2025-2028) and $1,133,419 (thereafter).