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Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 4 – Intangible Assets

 

The Company’s intangible assets consist of Patents and Patent Pending Applications.

 

Provisional patent applications are not amortized until a patent has been granted. Once a patent is granted, the Company will amortize the related costs over the estimated useful life of the patent. If a patent application is denied, then the costs will be expensed at that time.

 

During 2021, $91,260 of costs related to patents issued to us during 2021 were reclassified from provisional patent application to patent status and began to be amortized as of the date of issue.

 

The following is a summary of definite-life intangible assets less accumulated amortization as of December 31, 2021 and 2020, respectively:

 

       
   Year Ended December 31, 
   2021   2020 
Provisional Patent Applications  $675,291   $585,152 
Patents   300,370    209,110 
Less: Accumulated Amortization   (50,550)   (41,140)
           
Net Intangible Assets  $925,111   $753,122 

 

Amortization expense on intangible assets was $5,239 and $27,003 for the years ended December 31, 2021 and 2020, respectively.

 

The estimated aggregate amortization expense for each of the succeeding years ending December 31 is as follows:

 

     
2022  $17,446 
2023   17,446 
2024   17,446 
2025   17,446 
Thereafter   198,305 
      
Intangible asset and amortization expense  $268,089