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Intangible Assets
 9 Months Ended
Sep. 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 September 30, 2024 and 2023 and $14,328 during both of the nine-month periods ended September 30, 2024 and 2023. The net value of these intangibles was $23,880 and $38,208 as of September 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 September 30, 2024 consisted of the following:

 

   Gross Carrying
Value		   Accumulated
Amortization		   Net Book
Value		 
Developed technology  $184,100   $(161,087)  $23,013 
Customer relationships   1,300    (1,138)   162 
Non-compete agreements   5,640    (4,935)   705 
Total  $191,040   $(167,160)  $23,880 

 

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