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INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

The carrying values of the Company’s intangible assets were as follows for the periods presented:

 

   September 30, 2023   December 31, 2022 
       Accumulated           Accumulated     
   Cost   Amortization   Net   Cost   Amortization   Net 
Amortizable Intangible Assets:                              
Product licenses  $4,793,879   $(1,246,115)  $3,547,764   $4,793,879   $(980,583)  $3,813,296 
Patents and other IP   38,664,548    (2,598,220)   36,066,328    21,935,580    (1,492,057)   20,443,523 
Customer relationships and other   7,947,332    (1,569,958)   6,377,374    7,947,332    (694,171)   7,253,161 
Total  $51,405,759   $(5,414,293)  $45,991,466   $34,676,791   $(3,166,811)  $31,509,980 

 

As of September 30, 2023, the weighted-average amortization period for finite-lived intangible assets was 14.5 years. Amortization expense related to intangible assets was $881,079 and $708,534 for the three months ended September 30, 2023 and 2022, respectively, and $2,247,482 and $1,256,097 for the nine months ended September 30, 2023 and 2022, respectively. The estimated remaining amortization expense as of September 30, 2023 for finite-lived intangible assets is as follows:

 

      
Remainder of 2023  $974,018 
2024   3,896,070 
2025   3,896,070 
2026   3,878,815 
2027   3,764,962 
2028   3,731,721 
Thereafter   25,849,810 
Total  $45,991,466 

 

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during either of the nine months ended September 30, 2023 or 2022.