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Note 7 - Intangible Assets
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

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 $4,776 during both of the three-month periods ended September 30, 2025 and 2024 and $14,328 during both of the nine-month periods ended September 30, 2025 and 2024. The net value of these intangibles was $4,776 and $19,104 as of September 30, 2025 and December 31, 2024, respectively. Intangible asset amortization expense is estimated to be $19,104 during the year ending December 31, 2025.

 

Intangible assets as of September 30, 2025 consisted of the following:

 

  

Gross Carrying

  

Accumulated

  

Net Book

 
  

Value

  

Amortization

  

Value

 

Developed technology

 $184,100  $(179,498) $4,602 

Customer relationships

  1,300   (1,267)  33 

Non-compete agreements

  5,640   (5,499)  141 

Total

 $191,040  $(186,264) $4,776 

 

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

 

  

Gross Carrying

  

Accumulated

  

Net Book

 
  

Value

  

Amortization

  

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