Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

On June 30, 2021, our intangible assets included patent costs totaling $91,512 (of which $58,762 represents patent pending costs which are not subject to amortization) less accumulated amortization of patent costs of $11,329 and license costs totaling $241,909 less accumulated amortization of license costs of $29,376. On December 31, 2020, our intangible assets included patent costs totaling $158,710 (of which $133,112 represented patent pending costs which are not subject to amortization) less accumulated amortization of patent costs of $3,809 and license costs totaling $241,909 less accumulated amortization of license costs of $17,280. Amortization expense for the three months ended June 30, 2021 and 2020 was $6,867 and $5,824, respectively. Amortization expense for the six months ended June 30, 2021 and 2020 was $19,617 and $6,464, respectively.

 

Estimated amortization expense for the next five years for the patent and license costs currently being amortized is as follows:

 

Year Ending December 31,   Estimated Amortization  
2021 (6 months)   $ 13,734  
2022   $ 27,029  
2023   $ 27,029  
2024   $ 26,752  
2025   $ 26,752