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Intangible Assets | 6 Months Ended
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Jun. 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 June 30, 2022 and 2021, and $9,552 during both of the six-month periods ended June 30, 2022 and 2021. The net value of these intangibles was $66,864 and $76,416 as of June 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 June 30, 2022 consisted of the following:
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Book Value |
Developed technology |  | $ | 184,100 |  |  | $ | (119,665 | ) |  | $ | 64,435 |
Customer relationships |  |  | 1,300 |  |  |  | (845 | ) |  |  | 455 |
Non-compete agreements |  |  | 5,640 |  |  |  | (3,666 | ) |  |  | 1,974 |
Total |  | $ | 191,040 |  |  | $ | (124,176 | ) |  | $ | 66,864 |
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 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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