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Intangible Assets
 12 Months Ended
Dec. 31, 2024
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

7. 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, 2024 and 2023. The net value of these intangibles was $19,104 and $38,208 as of December 31, 2024 and 2023, respectively. Intangible asset amortization expense is estimated to be $19,104 during the year ending December 31, 2025.

 

Intangible assets as of December 31, 2024 consisted of the following:

 

   Gross
Carrying
Value		   Accumulated
Amortization		   Net Book
Value		 
Developed technology  $184,100   $(165,690)  $18,410 
Customer relationships   1,300    (1,170)   130 
Non-compete agreements   5,640    (5,076)   564 
Total  $191,040   $(171,936)  $19,104 

 

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