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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 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 $21,121 and $14,495 for the years ended December 31, 2022 and 2021, respectively. Definite life intangible assets consist of the following:
|  | December 31, 2023 |  |  | December 31, 2022 |
Intellectual Property and Patents |  | $ | 3,196,396 |  |  | $ | 3,108,063 |
Less: Accumulated Amortization |  |  | 2,904,013 |  |  |  | 2,882,892 |
Patents, net |  | $ | 292,383 |  |  | $ | 225,171 |
Indefinite life intangible assets consist of the following:
Trademarks |  |  | 830,863 |  |  |  | 800,565 |
Total Intangible Assets, net |  | $ | 1,123,246 |  |  | $ | 1,025,736 |
Approximate future amortization is as follows (rounded to nearest thousandth):
Year Ended: |  | Amount |
December 31, 2024 |  |  | 20,000 |
December 31, 2025 |  |  | 20,000 |
December 31, 2026 |  |  | 20,000 |
December 31, 2027 |  |  | 20,000 |
December 31, 2028 |  |  | 20,000 |
Thereafter |  |  | 192,000 |
Total |  | $ | 292,000 |

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