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Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Intangible Assets [Abstract] |
INTANGIBLE ASSETS | 5. INTANGIBLE ASSETS As of June 30, 2024 and December 31, 2023, Intangible Assets, net consists of:
|  | June 30, 2024 |  |  | December 31, 2023 |
Patents |  | $ | 203,938 |  |  | $ | 185,595 |
Website Development Costs |  |  | 101,323 |  |  |  | 79,248 |
Intangible Assets, at cost |  |  | 305,261 |  |  |  | 264,843 |
Accumulated Amortization |  |  | (55,158 | ) |  |  | (37,585 | )
Intangible Assets, net |  | $ | 250,103 |  |  | $ | 227,258 |
During the three months ended June 30, 2024 and 2023, the Company capitalized website development-related costs of $12,987 and $6,000, respectively, in connection with the upgrade and enhancement of functionality of the corporate website at www.60degreespharma.com ($22,075 and $39,895 for the six months ended June 30, 2024 and 2023, respectively). Amortization expenses for the three months ended June 30, 2024 and 2023 were in the amounts of $9,472 and $6,017, respectively ($17,679 and $13,192 for the six months ended June 30, 2024 and 2023, respectively). During the three months ended June 30, 2024 and 2023, there were no write-downs for expired or obsolete patents ($8,378 and $0 for the six months ended June 30, 2024 and 2023, respectively). The following table summarizes the estimated future amortization expense for our patents and website development costs as of June 30, 2024:
Period |  | Patents |  |  | Website Development Costs |
2024 (remaining six months) |  | $ | 3,414 |  |  | $ | 16,887 |
2025 |  |  | 6,829 |  |  |  | 30,661 |
2026 |  |  | 6,829 |  |  |  | 11,332 |
2027 |  |  | 6,829 |  |  |  | 2,453 |
2028 |  |  | 6,829 |  |  |  | - |
Thereafter |  |  | 49,948 |  |  |  | - |
Total |  | $ | 80,678 |  |  | $ | 61,333 |
The Company has recorded $110,196 in capitalized patent expenses that will become amortizable as the patents they are associated with are awarded.

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