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Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4. Intangible Assets

As of June 30, 2020, intangible assets consist of patent costs of $764,891, trademarks of $112,926 and accumulated amortization of $425,826.

As of December 31, 2019, intangible assets consist of patent costs of $764,891, trademarks of $108,632 and accumulated amortization of $394,020.

The amounts carried on the balance sheet represent cost to acquire, legal fees and similar costs relating to the patents incurred by the Company. Amortization is calculated through the expiration date of the patents, which is December 2025. The amount charged to amortization was $15,902 and $15,902 for the three-months ended June 30, 2020 and 2019, respectively, and $31,805 and $31,805 for the six months ended June 30, 2020 and 2019, respectively.

Estimated future amortization expense related to patents as of June 30, 2020, is as follows:

		Total Amortization
Years ending December 31,
2020 (six months remaining)		$	31,805
2021			63,610
2022			63,610
2023			63,610
2024			63,610
Later years			52,820
		$	339,065

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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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