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Note 7 - Intangible Assets

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 7 - INTANGIBLE ASSETS

At December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021:

		2022				2021
Customer relationships		$	473,308			$	502,957
Patent cost			177,875				189,017
			651,183				691,974
Less Accumulated amortization			(438,250	)			(357,231	)
Intangible assets, net		$	212,933			$	334,743

Amortization expense amounted to $81,019 and $108,471 for the year ended December 31, 2022 and 2022, respectively.

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

Year ending December 31,		Amortization Expenses
2023			102,077
2024			70,523
2025			7,415
2026			7,415
2027			7,415
Thereafter			18,088
		$	212,933

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=2144471

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