Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.22.1
Intangible Assets
12 Months Ended
Dec. 31, 2021
Intangible Assets  
Intangible Assets

Note 4 — Intangible Assets

Intangible assets, net consisted of the following:

December 31, 

    

2021

    

2020

Patents

$

1,133,841

$

941,701

Other intangible assets

 

1,391,479

 

964,542

 

2,525,320

 

1,906,243

Accumulated amortization - patents

 

(158,516)

 

(113,975)

Accumulated amortization – other intangible assets

(311,154)

(223,365)

$

2,055,650

$

1,568,903

At December 31, 2021 and 2020, the Company had capitalized $306,640 and $270,000, respectively, for costs related to patents that have not been awarded. During the years ended December 31, 2021 and 2020, the Company wrote-off $528 and $20,660, respectively, in previously capitalized patent costs.

Amortization expense amounted to $132,330 and $98,035 for the years ended December 31, 2021 and 2020, respectively. Amortization expense for the succeeding five years and thereafter is $147,249 (2022-2026) and $1,012,765 (thereafter).