v3.19.3

Intangible Assets | 9 Months Ended
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Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 5 – INTANGIBLE ASSETS The Company’s intangible assets consist of patents and trade secrets acquired from third parties, and are recorded at cost. The Company amortizes the costs of its intangible assets over their estimated useful lives of approximately 11 years. Amortizable intangible assets are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested for impairment, at least annually, and written down to fair value as required. The Company’s intangible assets, net of accumulated amortization consisted of the following:
Patents and trade secrets, net |  | September 30, 2019 |  | December 31, 2018
Cost |  | $ | 697,955 |  |  | $ | 697,955 |
Accumulated Amortization |  |  | (540,401 | ) |  |  | (504,042 | )
Net intangible assets |  | $ | 157,554 |  |  | $ | 193,913 |
|  | September 30, 2019 |  | December 31, 2018
Beginning balance for total intangible assets, net |  | $ | 193,913 |  |  | $ | 261,849 |
Amortization expense |  |  | (36,359 | ) |  |  | (67,936 | )
Intangible assets, net |  | $ | 157,554 |  |  | $ | 193,913 |
The Surface Modification Technologies assets include a patent and trade secrets on certain manufacturing processes and know-how. For the nine months ended September 30, 2019 and 2018, the Company recorded amortization expense of $36,359 and $35,635, respectively. See Note 1. As of September 30, 2019, future amortization for the next four years for the Company’s intangible assets consist of the following:
Year |  | Anticipated Amortization
| 2019 |  |  | $ | 11,154 |
| 2020 |  |  |  | 47,513 |
| 2021 |  |  |  | 47,513 |
| 2022 |  |  |  | 47,513 |
| Thereafter |  |  |  | 3,861 |
| Total anticipated amortization of intangible assets |  |  | $ | 157,554 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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