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Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4. Intangible Assets

As of September 30, 2021, intangible assets consist of patent costs of $768,138, trademarks of $124,285 and accumulated amortization of $506,149.

As of December 31, 2020, intangible assets consist of patent costs of $768,138, trademarks of $119,911 and accumulated amortization of $457,833.

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 $16,105 and $15,902 for the three months ended September 30, 2021 and 2020, respectively, and $48,316 and $47,707 for the nine months ended September 30, 2021 and 2020, respectively.

Estimated future amortization expense related to patents as of September 30, 2021, is as follows:

 Schedule of Estimated Future Amortization Expense Related to Intangible Property

		Total Amortization
Years ending December 31,
2021		$	16,105
2022			64,421
2023			64,421
2024			64,219
2025			52,823
Intangible asset, net of amortization		$	261,989

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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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