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6. INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | Intangible assets consist of patents and trademarks related to our Binary Ionization Technology. We amortize the patents over the estimated remaining lives of the related patents. The trademarks have an indefinite life. Amortization expense was $93,347 and $186,694 for the three and six months ended June 30, 2020, respectively. Amortization expense was $92,377 and $184,754 for the three and six months ended June 30, 2019, respectively. Definite life intangible assets consist of the following:
|  | June 30, 2020 (Unaudited) |  |  | December 31, 2019 |
Intellectual Property and Patents |  | $ | 2,906,507 |  |  | $ | 2,906,507 |
Less: Accumulated Amortization |  |  | 2,666,448 |  |  |  | 2,479,754 |
Intangible Assets, net |  | $ | 240,059 |  |  | $ | 426,753 |
Indefinite life intangible assets consist of the following:
Trademarks |  | $ | 512,257 |  |  | $ | 512,257 |
Total Intangible Assets, net |  | $ | 752,316 |  |  | $ | 939,010 |
Approximate future amortization is as follows:
Year Ended: |  | Amount |
July 1 – December 31, 2020 |  | $ | 186,000 |
December 31, 2021 |  |  | 3,000 |
December 31, 2022 |  |  | 3,000 |
December 31, 2023 |  |  | 3,000 |
December 31, 2024 |  |  | 3,000 |
Thereafter |  |  | 42,000 |
|  | $ | 240,000 |

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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 + Details
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