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Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

8. INTANGIBLE ASSETS

The developed technology intangible assets of $191,040 (which include an immaterial amount of value associated with customer relationships and a non-compete agreement and was valued using the relief from royalty method) are being amortized to costs of goods sold over their useful lives, which are estimated to be 10 years. Intangible amortization expense was $19,104 during both of the years ended December 31, 2020 and 2019. The net value of these intangibles was $95,520 and $114,624 as of December 31, 2020 and 2019, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

Intangible assets as of December 31, 2020 consisted of the following:

	Gross Carrying Value		Accumulated Amortization			Net Book Value
Developed technology	$	184,100	$	(92,050	)	$	92,050
Customer relationships		1,300		(650	)		650
Non-compete agreements		5,640		(2,820	)		2,820
Total	$	191,040	$	(95,520	)	$	95,520

Intangible assets as of December 31, 2019 consisted of the following:

	Gross Carrying Value		Accumulated Amortization			Net Book Value
Developed technology	$	184,100	$	(73,640	)	$	110,460
Customer relationships		1,300		(520	)		780
Non-compete agreements		5,640		(2,256	)		3,384
Total	$	191,040	$	(76,416	)	$	114,624