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INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2023
INTANGIBLE ASSETS |
NOTE 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 $3,773 and $3,242 for the three months ended March 31, 2023 and 2022, respectively. Definite life intangible assets consist of the following:
|  | March 31, 2023 (Unaudited) |  |  | December 31, 2022 |
Intellectual Property and Patents |  | $ | 3,108,063 |  |  | $ | 3,108,063 |
Less: Accumulated Amortization |  |  | 2,886,666 |  |  |  | 2,882,892 |
Patents, net |  | $ | 221,397 |  |  | $ | 225,171 |
Indefinite life intangible assets consist of the following: |  |  |  |  |  |  |  |
Trademarks |  |  | 800,565 |  |  |  | 800,565 |
Total Intangible Assets, net |  | $ | 1,021,962 |  |  | $ | 1,025,736 |
Approximate future amortization is as follows:
Year Ended: |  | Amount |
April 1 – December 31, 2023 |  | $ | 2,800 |
December 31, 2024 |  |  | 15,000 |
December 31, 2025 |  |  | 15,000 |
December 31, 2026 |  |  | 15,000 |
December 31, 2027 |  |  | 15,000 |
Thereafter |  |  | 158,600 |
Total |  | $ | 221,400 |

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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 + Details
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