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Intangible Assets
 6 Months Ended
Jun. 30, 2023
Intangible Assets [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, 2023 and 2022 and $9,552 during both of the six-month periods ended June 30, 2023 and 2022. The net value of these intangibles was $47,760 and $57,312 as of June 30, 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 June 30, 2023 consisted of the following:

 

   Gross
Carrying
Value		   Accumulated
Amortization		   Net Book
Value		 
Developed technology  $184,100   $(138,075)  $46,025 
Customer relationships   1,300    (975)   325 
Non-compete agreements   5,640    (4,230)   1,410 
Total  $191,040   $(143,280)  $47,760 

 

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