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Intangible Assets
 6 Months Ended
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.