XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Intangible Assets, Net | 3 Months Ended
--- | ---
Mar. 31, 2024
Intangible Assets, Net [Abstract] |
Intangible Assets, Net | 6. Intangible Assets, Net The gross carrying amount and accumulated amortization of separately identifiable intangible assets are as follows:
|  | As of March 31, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Impairment |  |  | Net Carrying Amount |
Developed software |  | $ | 542,692 |  |  | $ | - |  |  | $ | - |  |  | $ | 542,692 |
Patents |  |  | 559,474 |  |  |  | (25,281 | ) |  |  | (52,723 | ) |  |  | 481,470 |
Trademark |  |  | 45,000 |  |  |  | (23,750 | ) |  |  | - |  |  |  | 21,250 |
Total intangible assets |  | $ | 1,147,166 |  |  | $ | (49,031 | ) |  | $ | (52,723 | ) |  | $ | 1,045,412 |
|  | As of December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Fair Market Value Adjustment |  |  | Impairment |  |  | Net Carrying Amount |
Developed software |  | $ | 542,692 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 542,692 |
Patents |  |  | 539,840 |  |  |  | (20,117 | ) |  |  | - |  |  |  | - |  |  |  | 519,723 |
Trademark |  |  | 45,000 |  |  |  | (23,000 | ) |  |  | - |  |  |  | - |  |  |  | 22,000 |
Rights to intellectual property |  |  | 100,000 |  |  |  | (20,000 | ) |  |  | (50,000 | ) |  |  | (30,000 | ) |  |  | - |
Total intangible assets |  | $ | 1,227,532 |  |  | $ | (63,117 | ) |  | $ | (50,000 | ) |  | $ | (30,000 | ) |  | $ | 1,084,415 |
Amortization expense for each of the three months ended March 31, 2024 and 2023 was $5,914 and $8,547, respectively. ASC 360, “Property, Plant, and Equipment”, defines a multi-step process to test long-lived assets, including intangible assets, for recoverability that if failed would indicate impairment. First, the Company must consider whether indicators of impairment of long-lived assets are present. The Company determined the Triggering Events in conjunction with preparation of its financial statements for the year ended December 31, 2023 provided such indication. Next, the Company must review the long-lived assets to define asset group(s) that would reflect the lowest level of assets to which discrete cash flows are identifiable, and test these asset groups for impairment. In performing this review, the Company identified that the long-lived asset “Patents”, which have international and U.S. based patents, as the asset group. The Company evaluated its patents and identified expired international patent applications (“expired assets”) for the three months ended March 31, 2024. The Company determined there were no further plans to put resources toward these international patent applications. The group of expired patents carrying value was set to its salvage value which is zero given no future cash flows. For the three months ended March 31, 2024, the Company recorded a $52,723 impairment charge under gain (loss) on disposal assets, which is included in other income (expense) on its condensed consolidated statement of operations, to adjust the expiring assets salvage value of zero. The Company identified that the long-lived asset “Rights to intellectual property”, all of which relate to the Infinitracker, should be classified as abandoned (the “Abandoned Asset”) with the Company determining that it no longer has plans to provide support and sale of the product. The Abandoned Asset’s carrying value was set to its salvage value which is zero given no future cash flows. In addition, the Company abandoned the use of the associated inventory and recorded a loss of $66,690 to impair the inventory to $0 as of December 31, 2023. The impairment charges as of December 31, 2023, the Company recorded a fair market value adjustment of $50,000 and a $30,000 impairment charge under amortization expense on its condensed consolidated statement of operations to adjust the Abandoned Asset to its salvage value of zero. It was determined for all remaining long-lived assets (excluding the Abandoned Asset) that there were no triggering events, and therefore, no further impairment charges to long-lived assets were necessary as of March 31, 2024 and December 31, 2023. Estimated amortization expense for all intangible assets subject to amortization in future years is expected to be:
|  | Amortization |
Remainder 2024 |  | $ | 17,740 |
2025 |  |  | 23,654 |
2026 |  |  | 23,654 |
2027 |  |  | 23,654 |
2028 |  |  | 23,654 |
Thereafter |  |  | 933,056 |
Total |  | $ | 1,045,412 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration