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Note 3 - Intangible Assets
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

Note 3 – Intangible Assets

 

Intangible assets, net consisted of the following:

 

   

September 30,

   

December 31,

 
   

2025

    

2024

  
   

(unaudited)

          

Patents

   $ 1,997,653     $ 1,770,374  

Trademarks

     26,529       22,767  

Other intangible assets

     1,843,036       1,843,036  
      3,867,218       3,636,177  

Accumulated amortization - patents

     (409,868 )     (349,279 )

Accumulated amortization - other intangible assets

     (778,963 )     (674,900 )
    $ 2,678,387     $ 2,611,998  

 

At September 30, 2025 and December 31, 2024, the Company capitalized $699,373 and $541,081, respectively, for costs related to patents that have not been awarded. Cost related to patents that have not yet been awarded are not amortized until patent issuance.

 

At September 30, 2025 and December 31, 2024, the Company capitalized $26,529 and $22,767, respectively, for costs related to trademarks. Costs related to indefinite life trademarks are not amortized but are subject to evaluation for potential impairment.

 

Amortization expense amounted to $55,253 and $164,652 for the three and nine months ended September 30, 2025, respectively, and $54,205 and $160,807 for the three and nine months ended September 30, 2024, respectively. Amortization expense for the succeeding five years and thereafter is $55,530 (remaining three months of 2025), $222,120 (2026-2029) and $1,008,475 (thereafter).