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Intangible Assets

12 Months Ended

Dec. 31, 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 $19,104 during both of the years ended December 31, 2022 and 2021. The net value of these intangibles was $57,312 and $76,416 as of December 31, 2022 and 2021, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

Intangible assets as of December 31, 2022 consisted of the following:

		Gross Carrying Value				Accumulated Amortization				Net Book Value
Developed technology		$	184,100			$	(128,870	)		$	55,230
Customer relationships			1,300				(910	)			390
Non-compete agreements			5,640				(3,948	)			1,692
Total		$	191,040			$	(133,728	)		$	57,312

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