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Intangible Assets
 9 Months Ended
Sep. 30, 2024
Intangible Assets  
Intangible Assets

Note 5 – Intangible Assets

 

Intangible assets, net, are comprised of the following at September 30, 2024 and December 31, 2023:

 

Name

 

Estimated

Life

 

Balance at

December 31,

2023

 

 

Additions

 

 

Amortization

 

 

Balance at

September  30,

2024

 

License agreement

 

17 Years

 

$901,929

 

 

$-

 

 

$(47,196 )

 

$854,733

 

Patents

 

20 Years

 

 

86,100

 

 

 

85,797

 

 

 

(4,659 )

 

 

167,238

 

Total

 

 

 

$988,029

 

 

$85,797

 

 

$(51,855 )

 

$1,021,971

 

 

Amortization expense for the three months ended September 30, 2024 and 2023, was $17,812 and $16,925, respectively, which is included in general and administrative expenses on the condensed consolidated statements of operations.

 

Amortization expense for the nine months ended September 30, 2024 and 2023, was $51,855 and $50,789. respectively, which is included in general and administrative expenses on the condensed consolidated statements of operations.

Estimated future amortization expense for the years ended December 31:

 

 

 

Amount

 

2024 (remaining)

 

$18,057

 

2025

 

 

72,228

 

2026

 

 

72,228

 

2027

 

 

72,228

 

2028

 

 

72,228

 

Thereafter

 

 

715,002

 

Intangible assets, Net

 

$1,021,971