Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.20.1
Intangible Assets
12 Months Ended
Dec. 31, 2019
Intangible Assets  
Intangible Assets

Note 6 — Intangible Assets

Intangible assets, net consisted of the following:

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2019

    

2018

Patents

 

$

909,142

 

$

824,004

Other intangible assets

 

 

964,542

 

 

732,175

 

 

 

1,873,684

 

 

1,556,179

Accumulated amortization

 

 

(239,306)

 

 

(159,770)

 

 

$

1,634,378

 

$

1,396,409

 

At December 31, 2019 and 2018, the Company had capitalized approximately $335,224 and $354,427, respectively, for costs related to patents that have not been awarded. During the years ended December 31, 2019 and 2018, the Company wrote-off $14,707 and $56,504, respectively, in previously capitalized patent costs.

Amortization expense amounted to $79,536 and $64,981 for the years ended December 31, 2019 and 2018, respectively. Amortization expense for the succeeding five years and thereafter is $87,813 (2020‑2024) and $860,088 (thereafter).