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Intangible Assets

3 Months Ended

Mar. 31, 2021

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 $4,776 during both of the three-month periods ended March 31, 2021 and 2020. The net value of these intangibles was $90,744 and $95,520 as of March 31, 2021 and December 31, 2020, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

Intangible assets as of March 31, 2021 consisted of the following:

	Gross Carrying Value		Accumulated Amortization			Net Book Value
Developed technology	$	184,100	$	(96,653	)	$	87,447
Customer relationships		1,300		(682	)		618
Non-compete agreements		5,640		(2,961	)		2,679
Total	$	191,040	$	(100,296	)	$	90,744

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