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Intangible Assets

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and 2022. The net value of these intangibles was $52,536 and $57,312 as of March 31, 2023 and December 31, 2022, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

Intangible assets as of March 31, 2023 consisted of the following:

		Gross Carrying Value				Accumulated Amortization				Net Book Value
Developed technology		$	184,100			$	(133,472	)		$	50,628
Customer relationships			1,300				(943	)			357
Non-compete agreements			5,640				(4,089	)			1,551
Total		$	191,040			$	(138,504	)		$	52,536

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