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Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

8. INTANGIBLE ASSETS

 

Intangible assets of $191,040 were valued using the relief from royalty method and 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 September 30, 2022 and 2021, and $14,328 during both of the nine-month periods ended September 30, 2022 and 2021. The net value of these intangibles was $62,088 and $76,416 as of September 30, 2022 and December 31, 2021, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

 

Intangible assets as of September 30, 2022 consisted of the following:

 

   Gross
Carrying
Value		   Accumulated
Amortization		   Net Book
Value		 
Developed technology  $184,100   $(124,268)  $59,832 
Customer relationships   1,300    (877)   423 
Non-compete agreements   5,640    (3,807)   1,833 
Total  $191,040   $(128,952)  $62,088 

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

 

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