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Intangible Assets
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2023, $43,530 of costs related to patents issued during the quarter 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 September 30, 2023 and December 31, 2022, respectively:

 

  

September 30,

2023

  

December 31,

2022

 
Provisional Patent Applications  $

777,235

   $675,251 
Patents   568,280    524,750 
Less: Accumulated Amortization   (97,818)   (74,716)
           
Net Intangible Assets  $1,247,697   $1,125,285 

 

Amortization expense on intangible assets was $23,102 and $17,010 for the nine months ended September 30, 2023 and 2022, respectively.

 

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

 

      
2023 (Remaining)  $8,033 
2024   32,131 
2025   32,131 
2026   32,131 
Thereafter   366,036 
      
Amortization expense  $470,462