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Intangible Assets

12 Months Ended

Dec. 31, 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 $19,104 during both of the years ended December 31, 2023 and 2022. The net value of these intangibles was $38,208 and $57,312 as of December 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 December 31, 2023 consisted of the following:

		Gross Carrying Value				Accumulated Amortization				Net Book Value
Developed technology		$	184,100			$	(147,280	)		$	36,820
Customer relationships			1,300				(1,040	)			260
Non-compete agreements			5,640				(4,512	)			1,128
Total		$	191,040			$	(152,832	)		$	38,208

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

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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
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350-30/tableOfContent

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