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Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 3 – Intangible Assets

 

The Company’s intangible assets consist of patents and patent applications.

 

The Company capitalizes costs incurred in connection with acquiring its patents. These costs include registration, documentation, and legal fees associated with the application. Costs incurred with patents that have been previously granted are expensed as incurred.

 

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 the three months ended March 31, 2023, $5,130 of costs related to patents issued to us during 2023 were reclassified from provisional patent application to patents 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 March 31, 2023 and December 31, 2022, respectively:

 

   March 31,
2023		   December 31,
2022		 
Provisional Patent Applications  $717,812   $675,251 
Patents   529,880    524,750 
Less: Accumulated Amortization   (82,134)   (74,716)
           
Net Intangible Assets  $1,165,558   $1,125,285 

 

Amortization expense on intangible assets was $7,418 and $4,978 for the three months ended March 31, 2023 and 2022, respectively.

 

The estimated aggregate amortization expense for years ending December 31 is as follows:

  

      
2023 (Remaining)  $22,404 
2024   29,872 
2025   29,872 
2026   29,872 
Thereafter   335,726 
      
Intangible asset and amortization expense  $447,746