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Patents and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Note 4 – Patents and Other Intangible Assets

Patents and other intangible assets are summarized as follows:


	September 30,		December 31,
(in thousands)	2023		2022
Patents
Patents pending	$	400	$	307
Issued patents		782		815
		1,182		1,122
Trademarks
Trademarks pending		4		6
Registered trademarks		86		95
		90		101
Other		8		8
		1,280		1,231
Accumulated amortization		(511)		(433)
	$	769	$	798

Amortization expense for the nine months ended September 30, 2023 and 2022 totaled $109 thousand and $94 thousand, respectively. Future amortization expense associated with issued patents and registered trademarks as of September 30, 2023 is as follows:


(in thousands)
2023 (remaining 3 months)	$	33
2024		125
2025		95
2026		60
2027		38
Thereafter		6
	$	357

The amortization life for patents ranges between three to five years, with trademark lives set at ten years. The Company does not amortize patents or trademarks classified as pending.

During the nine months ended September 30, 2023 and 2022, the Company assessed its patent and trademark assets, and determined $14 thousand and zero impairment costs were incurred, respectively. The Company also evaluated its strategic approach to the pursuit and protection of its intellectual property. It is the intent of the Company to continue to pursue intellectual property protection. If the Company identifies certain assets where the intellectual property does not directly align with its core technology, the Company will impair the intangible asset and write-off the asset as an expense.