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INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2024
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 $4,878 and $3,773 for the three months ended March 31, 2024 and 2023, respectively. Definite life intangible assets consist of the following:
|  | March 31, 2024 (Unaudited) |  |  | December 31, 2023 |
Intellectual Property and Patents |  | $ | 3,196,396 |  |  | $ | 3,196,396 |
Less: Accumulated Amortization |  |  | 2,908,890 |  |  |  | 2,904,013 |
Patents, net |  | $ | 287,506 |  |  | $ | 292,383 |
Indefinite life intangible assets consist of the following:
Trademarks |  |  | 830,863 |  |  |  | 830,863 |
Total Intangible Assets, net |  | $ | 1,118,369 |  |  | $ | 1,123,246 |
Approximate future amortization is as follows (rounded to nearest thousandth):
Year Ended: |  | Amount |
April 1 – December 31, 2024 |  | $ | 15,000 |
December 31, 2025 |  |  | 20,000 |
December 31, 2026 |  |  | 20,000 |
December 31, 2027 |  |  | 20,000 |
December 31, 2028 |  |  | 20,000 |
Thereafter |  |  | 193,000 |
Total |  | $ | 288,000 |

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