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Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

At both June 30, 2022 and December 31, 2021, the Company had recorded a gross intangible asset balance of $2,091,556, which is related to patent and intangible property rights acquired. Amortization expense of intangible assets was $34,860 each for the three months ended June 30, 2022 and 2021, respectively. Amortization expense of intangible assets was $69,720 each for the six months ended June 30, 2022 and 2021, respectively. Accumulated amortization totaled $680,200 and $610,480 at June 30, 2022 and December 31, 2021, respectively.

The net amount of intangible assets of $1,411,358 at June 30, 2022, will be amortized over the weighted average remaining life of 10.4 years.

Total estimated future amortization expense is as follows:

2022 (remaining six months)			$	69,719
2023			139,437
2024			139,437
2025			139,437
2026			139,437
Thereafter			783,891
			$	1,411,358

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI https://asc.fasb.org/topic&trid=2144416

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