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Intangible Assets
 9 Months Ended
Sep. 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 September 30, 2023 and 2022 and $14,328 during both of the nine-month periods ended September 30, 2023 and 2022. The net value of these intangibles was $42,984 and $57,312 as of September 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 September 30, 2023 consisted of the following:

 

   Gross
Carrying
Value		   Accumulated
Amortization		   Net Book
Value		 
Developed technology  $184,100   $(142,678)  $41,422 
Customer relationships   1,300    (1,007)   293 
Non-compete agreements   5,640    (4,371)   1,269 
Total  $191,040   $(148,056)  $42,984 

 

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