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Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4. Intangible Assets

As of September 30, 2020, intangible assets consist of patent costs of $768,138, trademarks of $117,008 and accumulated amortization of $441,728.

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 September 30, 2020 and 2019, respectively, and $47,707 and $47,707 for the nine months ended September 30, 2020 and 2019, respectively.

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

		Total Amortization
Years ending December 31,
2020 (three months remaining)		$	16,105
2021			64,422
2022			64,422
2023			64,422
2024			64,217
Later years			52,822
		$	326,410

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- References

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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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