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Intangible Assets | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 9 - INTANGIBLE ASSETS During 2020 and 2019, the Company spent approximately $0 and $10,000, respectively, on capitalized patent application costs. On March 5, 2019, the Company paid $350,000 and issued 130,435 shares of the Company’s common stock valued at $144,783 in conjunction with the signing of a Master Distributor Agreement with Advanced Cyber Security Corp. (“ACS”) for the Company to distribute ACS’s EndpointLockV™ cyber security software exclusively in thirteen countries in Asia and Australia, and non-exclusively, in the U.S. and Middle East. The aggregate cost of $494,783 of the agreement was recorded as an intangible asset to be amortized over the expected useful life of 36 months. On January 24, 2020 and April 8, 2020, the Company foreclosed on two separate note receivables with RBC Life Sciences, Inc. (see Note 4) during which the Company acquired $637,000 of intangible assets as settlement of the amounts owed. These assets are being amortized over their useful lives. On August 21, 2020, the Company completed its acquisition of Impact BioMedical, (see Note 7) during which the Company, based on valuations performed, acquired $22,260,000 of developed technology assets. These assets are not yet placed in service and will be amortized over a 20-year useful life when placed in service, which is expected to be during the year ended December 31, 2021. Intangible assets are comprised of the following:
|  |  |  | 2020 |  |  | 2019 |
|  | Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Developed technology assets |  | 20 years |  |  | $22,260,000 |  |  | $ | - |  |  | $ | 22,260,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Acquired intangibles customer lists, licenses and non-compete agreements |  | 2-10 years |  |  | 1,259,000 |  |  |  | 330,000 |  |  |  | 929,000 |  |  |  | 1,789,000 |  |  |  | 1,203,000 |  |  |  | 586,000 |
Acquired intangibles patents and patent rights |  |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | - |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | - |
Patent application costs |  | Varied (1) |  |  | 1,178,000 |  |  |  | 911,000 |  |  |  | 267,000 |  |  |  | 1,178,000 |  |  |  | 829,000 |  |  |  | 349,000 |
|  |  |  | $ | 25,197,000 |  |  |  | 1,741,000 |  |  | $ | 23,456,000 |  |  |  | 3,467,000 |  |  |  | 2,532,000 |  |  |  | 935,000 |
| (1) | Patent application costs are amortized over their expected useful life which is generally the remaining legal life of the patent. As of December 31, 2020, the weighted average remaining useful life of these assets in service was approximately 8.2 years.
Amortization expense for the year ended December 31, 2020 amounted to approximately $374,000 ($461,000 –2019). Expected amortization for each of the five succeeding fiscal years is as follows:
Year |  | Amount |
2021 |  |  | 1,389,000 |
2022 |  |  | 1,243,000 |
2023 |  |  | 1,169,000 |
2024 |  |  | 1,147,000 |
2025 |  |  | 1,161,000 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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