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Note 5 - Intangible Assets
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

NOTE 5 - INTANGIBLE ASSETS

 

On  December 31, 2024, and 2023, 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, 2024, and 2023:

 

  

2024

  

2023

 

Customer relationships

 $461,997  $489,273 

Patent cost

  173,624   183,874 
   635,621   673,147 

Less accumulated amortization

  (596,254)  (558,554)

Intangible assets, net

 $39,367  $114,593 

 

Amortization expense amounted to $71,359 and $105,522 for the years ended December 31, 2024, and 2023, respectively.

 

Expected future amortization expense for the next five years consists of the following as of  December 31, 2024:

 

  

Amortization

 

Year ending December 31,

 

Expenses

 

2025

  7,238 

2026

  7,238 

2027

  7,238 

2028

  7,238 

2029

  7,238 

Thereafter

  3,177 
  $39,367