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Patents, and Trademark Rights, Net
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Patents, and Trademark Rights, Net

Note 5: Patents, and Trademark Rights, Net

 

Patent and trademark rights consist of the following (in thousands):

Schedule of Patent and Trademark Rights

 

   September 30, 2024   December 31, 2023 
   Gross Carrying Value   Accumulated Amortization   Net Carrying Value   Gross Carrying Value   Accumulated Amortization   Net Carrying Value 
Patents  $3,315   $(887)  $2,428   $2,947   $(750)  $2,197 
Trademarks   232    (128)   104    229    (113)   116 
Net amortizable patents and trademarks rights  $3,547   $(1,015)  $2,532   $3,176   $(863)  $2,313 

 

Patent and trademark rights acquisitions, abandonments and amortization:

Schedule of Changes in Patents, Trademark Rights

 

December 31, 2023  $2,313 
Acquisitions   419 
Abandonments and expirations   (46)
Amortization   (154)
September 30, 2024  $2,532 

 

 

Patents and trademarks are stated at cost (primarily legal fees) and are amortized using the straight-line method over an estimated useful life of 17 years for patents and 10 years for trademarks. The weighted remaining average amortization period is approximately 12 years for patents and 6 years for trademarks, respectively. The company expenses annuity costs related to its trademarks and patents.

 

Amortization of patents and trademarks for each of the next five years and thereafter is as follows (in thousands):

Schedule of Amortization of Patents and Trademarks

 

Year Ending December 31,    
2024  $72 
2025   268 
2026   265 
2027   239 
2028   219 
Thereafter   1,469 
Total  $2,532