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INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2023
INTANGIBLE ASSETS |
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 $7,547 for the three and six months ended June 30, 2023, respectively. Amortization expense was $3,628 and $6,870 for the three and six months ended June 30, 2022, respectively. Definite life intangible assets consist of the following:
|  | June 30, 2023 (Unaudited) |  |  | December 31, 2022 |
Intellectual Property and Patents |  | $ | 3,108,063 |  |  | $ | 3,108,063 |
Less: Accumulated Amortization |  |  | 2,890,439 |  |  |  | 2,882,892 |
Patents, net |  | $ | 217,624 |  |  | $ | 225,171 |
Indefinite life intangible assets consist of the following:
Trademarks |  |  | 800,565 |  |  |  | 800,565 |
Total Intangible Assets, net |  | $ | 1,018,189 |  |  | $ | 1,025,736 |
Approximate future amortization is as follows:
Year Ended: |  | Amount |
July 1 – December 31, 2023 |  | $ | 7,500 |
December 31, 2024 |  |  | 15,000 |
December 31, 2025 |  |  | 15,000 |
December 31, 2026 |  |  | 15,000 |
December 31, 2027 |  |  | 15,000 |
Thereafter |  |  | 150,100 |
Total |  | $ | 217,600 |

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