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INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

NOTE 6. 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 $2,422 and $4,845 for the three and six months ended June 30, 2021, respectively. Amortization expense was $93,347 and $186,694 for the three and six months ended June 30, 2020, respectively.

Definite life intangible assets consist of the following:

		June 30, 2021 (Unaudited)				December 31, 2020
Intellectual Property and Patents		$	3,054,259			$	3,000,012
Less: Accumulated Amortization			2,861,836				2,856,991
Patents, net		$	192,423			$	143,021

Indefinite life intangible assets consist of the following:

Trademarks 639,345 579,895

Total Intangible Assets, net $ 831,768 $ 722,916

Approximate future amortization is as follows:

Year Ended:			Amount
July 1 – December 31, 2021		$	6,000
December 31, 2022			13,000
December 31, 2023			13,000
December 31, 2024			13,000
December 31, 2025			13,000
Thereafter			134,000
		$	192,000

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- References

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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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