Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.21.1
Intangible Assets
12 Months Ended
Dec. 31, 2020
Intangible Assets  
Intangible Assets

Note 6 — Intangible Assets

Intangible assets, net consisted of the following:

 

 

 

 

 

 

 

 

 

 

December 31, 

 

    

2020

    

2019

Patents

 

$

941,701

 

$

909,142

Other intangible assets

 

 

964,542

 

 

964,542

 

 

 

1,906,243

 

 

1,873,684

Accumulated amortization

 

 

(337,340)

 

 

(239,306)

 

 

$

1,568,903

 

$

1,634,378

 

At December 31, 2020 and 2019, the Company had capitalized approximately $270,000 and $335,224, respectively, for costs related to patents that have not been awarded. During the years ended December 31, 2020 and 2019, the Company wrote-off $20,660 and $14,707, respectively, in previously capitalized patent costs.

Amortization expense amounted to $98,035 and $79,536 for the years ended December 31, 2020 and 2019, respectively. Amortization expense for the succeeding five years and thereafter is $94,532 (2021‑2025) and $826,244 (thereafter).