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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

 

This represents legal fees and patent fees associated with the prosecution of patent applications. The Company has recorded amortization expense on patents granted, which are amortized over the remaining legal life. Maintenance patent fees are paid to a government patent authority to maintain a granted patent in force. Some countries require the payment of maintenance fees for pending patent applications. Maintenance fees paid after a patent is granted are expensed, as these are considered ongoing costs to “maintain a patent”. Maintenance fees paid prior to a patent grant date are capitalized to patent costs, as these are considered “patent application costs”. No amortization expense has been recorded on the remaining patent applications since patents have yet to be granted.

 

Patents consists of the following:

         
   June 30, 2024   December 31, 2023 
         
Patents  $1,981,196   $1,913,751 
Less: Accumulated amortization   702,496    659,250 
           
   $1,278,700   $1,254,501 

 

Amortization expense for the three months ending June 30, 2024 and 2023 was $22,311 and $19,351, respectively. Amortization expense for the six months ending June 30, 2024 and 2023 was $43,246 and $38,702, respectively. There were no patent costs written off for the three and six months ending June 30, 2024 and 2023.