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Note 7 - Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 7 - INTANGIBLE ASSETS

At December 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022:

		2023				2022
Customer relationships		$	489,273			$	473,308
Patent cost			183,874				177,875
			673,148				651,183
Less Accumulated amortization			(558,555	)			(438,250	)
Intangible assets, net		$	114,593			$	212,933

Amortization expense amounted to $105,522 and $81,019 for the years ended December 31, 2023 and 2022, respectively.

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

Year ending December 31,		Amortization Expenses
2024			72,902
2025			7,665
2026			7,665
2027			7,665
2028			7,665
Thereafter			11,031
		$	114,593

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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
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350-30/tableOfContent

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