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Note 6 - Intangible Assets

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 6 - INTANGIBLE ASSETS

At December 31, 2021 and December 31, 2020, other intangible assets, net of accumulated amortization, consisted of customer relationships acquired in connection with the purchase of BS Plastic A/S and the cost of patent applications for the Company’s products.

Intangible assets consisted of the following at December 31, 2021 and December 31, 2020:

		2021				2020
Customer relationships		$	502,957			$	544,770
Patent cost			189,017				204,731
			691,974				749,501
Less Accumulated amortization			(357,231	)			(269,441	)
Intangible assets, net		$	334,743			$	480,060

Amortization expense amounted to $108,471 and $113,738 for the year ended December 31, 2021 and 2020, respectively.

Expected future amortization expense for the years ended are as follows:

Year ending December 31,		Amortization Expenses
2022			108,471
2023			108,471
2024			74,940
2025			7,880
2026			7,880
Thereafter			27,101
		$	334,743

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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