Note 5 — Intangible Assets

Intangible assets, net consisted of the following:

At December 31, 2023 and 2022, the Company had capitalized $460,890 and $341,610, respectively, for costs related to patents that have not been awarded. Costs related to patents that have not been awarded are not amortized until patent issuance. As further discussed in Note 8, 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 $190,043 and $149,308 for the years ended December 31, 2023 and 2022, respectively. Amortization expense for the succeeding five years and thereafter is $206,181 (2024‑2028) and $1,072,477 (thereafter).