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NOTE 3 — Intangible Assets

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

NOTE 3 — Intangible Assets

NOTE 3 — Intangible Assets

In 2021, the Company entered into the Technology Transfer Agreement with SpringCard SAS. The Unaudited Condensed Balance Sheets include the intangible assets of the acquired technology at the carrying amount, net of amortization of $1,495,721 as of June 30, 2024.

The intangible assets are amortized on a straight-line basis over their estimated useful lives of fifteen years, beginning on April 1, 2021. As of June 30, 2024, the estimated future amortization of these intangible assets is as follows:


Fiscal Year	Amount
2024 (July 1, 2024 to December 31, 2024)	$ 63,648
2025	127,296
2026	127,296
2027	127,296
2028	127,296
Thereafter	922,889
Total	$ 1,495,721

SOCKET MOBILE, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)

June 30, 2024

The amortization expense was $31,824 and $63,648 for the three and six months ended June 30 in both 2024 and 2023.