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Intangible Assets
 6 Months Ended
Jun. 30, 2024
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, 2024 and 2023 and $9,552 during both of the six-month periods ended June 30, 2024 and 2023. The net value of these intangibles was $28,656 and $38,208 as of June 30, 2024 and December 31, 2023, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

 

Intangible assets as of June 30, 2024 consisted of the following:

 

   Gross
Carrying
Value		   Accumulated
Amortization		   Net Book
Value		 
Developed technology  $184,100   $(156,485)  $27,615 
Customer relationships   1,300    (1,105)   195 
Non-compete agreements   5,640    (4,794)   846 
Total  $191,040   $(162,384)  $28,656 

 

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