Patents and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Note 4 – Patents and Other Intangible Assets

Patents and other intangible assets are summarized as follows:


	December 31,
	2020		2019
	(Unaudited)
Patents
Patents pending	$	731,000	$	846,000
Issued patents		883,000		619,000
		1,614,000		1,465,000
Trademarks
Trademarks pending		105,000		77,000
Registered trademarks		23,000		23,000
		128,000		100,000
Other		8,000		8,000
		1,750,000		1,573,000
Accumulated amortization		(448,000)		(288,000)
	$	1,302,000	$	1,285,000

Future amortization expense associated with awarded patents and registered trademarks as of December 31, 2020 is estimated as follows:


2021		152,000
2022		125,000
2023		91,000
2024		64,000
Thereafter		26,000
	$	458,000

In 2020 and 2019, the Company continued to reassess its patent portfolio in order to ensure that both the cost-effectiveness and the value created through the intellectual property portfolio were maximized and to focus resources on its most promising patents. Those patents considered to be the most beneficial were retained and those pending patents projected to be unnecessarily costly that could be disposed of without meaningfully degrading the quality of the remaining intellectual property portfolio were abandoned. As a result, during the year ended December 31, 2020, the Company recorded no impairment loss of capitalized patents costs and $733,000 during the year ended December 31, 2019.