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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 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. Trademarks have an indefinite life. Amortization expenses were $4,878 and $14,633 for the three and nine months ended September 30, 2024, respectively. Amortization expense was $3,773 and $11,312 for the three and nine months ended September 30, 2023, respectively. Definite life intangible assets consist of the following:
|  | September 30, 2024 (Unaudited) |  |  | December 31, 2023 |
Intellectual Property and Patents |  | $ | 3,196,396 |  |  | $ | 3,196,396 |
Less: Accumulated Amortization |  |  | 2,918,646 |  |  |  | 2,904,013 |
Patents, net |  | $ | 277,750 |  |  | $ | 292,383 |
Indefinite life intangible assets consist of the following:
Trademarks |  |  | 830,864 |  |  |  | 830,863 |
Total Intangible Assets, net |  | $ | 1,108,614 |  |  | $ | 1,123,246 |
Approximate future amortization is as follows (rounded to nearest thousandth):
Year Ended: |  | Amount |
October 1 – December 31, 2024 |  | $ | 5,000 |
December 31, 2025 |  |  | 20,000 |
December 31, 2026 |  |  | 20,000 |
December 31, 2027 |  |  | 20,000 |
December 31, 2028 |  |  | 20,000 |
Thereafter |  |  | 193,000 |
Total |  | $ | 278,000 |

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