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Patents and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Note 4 – Patents and Other Intangible Assets

Patents and other intangible assets are summarized as follows:


	December 31,
(in thousands)	2023		2022
Patents
Patents pending	$	477	$	307
Issued patents		810		815
		1,287		1,122
Trademarks
Trademarks pending		4		6
Registered trademarks		86		95
		90		101
Other		8		8
		1,385		1,231
Accumulated amortization		(549)		(433)
	$	836	$	798

Amortization expense for the years ended December 31, 2023 and 2022 totaled $147 thousand and $136 thousand, respectively. Future amortization expense associated with issued patents and registered trademarks as of December 31, 2023 is as follows:


(in thousands)
2024	$	129
2025		99
2026		66
2027		43
2028		7
Thereafter		3
	$	347

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 years ended December 31, 2023 and 2022, the Company assessed its patent and trademark assets, and determined $14 thousand and $19 thousand 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.