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Intangible Assets

12 Months Ended

Dec. 31, 2019

Intangible Assets

Intangible Assets

5 — Intangible Assets

The following table summarizes the components of intangible asset balances:

		As of December 31,
		2019			2018
Patents — in use		$	304,270		$	304,270
Patents — in process			120,581			73,164
Internally developed software — in use			867,569			867,569
Internally developed software — in process			80,721			13,723
Trademarks			26,133			23,017
			1,399,274			1,281,743
Accumulated amortization			(539,187)			(449,224)
Total		$	860,087		$	832,519

Amortization expense of intangible assets was $89,963,  $89,333 and $82,399 for the years ended December 31, 2019, 2018 and 2017, respectively.

Expected annual amortization expense for the next five years related to intangible assets is as follows (excludes in-process intangible assets):

2020		$	89,963
2021		$	89,963
2022		$	89,392
2023		$	88,740
2024		$	88,439

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- References

No definition available.

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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