Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.21.2
Intangible Assets
 9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

 

The components of intangible assets, all of which are finite lived, were as follows:

 

    September 30, 2021     December 31, 2020        
    Gross
Carrying
Amount		     Accumulated
Amortization		     Net
Carrying
Amount		     Gross
Carrying
Amount		     Accumulated
Amortization		     Accumulated
Amortization		     Useful
Life		  
                                           
Patents   $ 32,751     $ (12,148 )   $ 20,603     $ 158,710     $ (3,809 )   $ 154,901       10  
Patents in process     140,070      
-
       140,070       133,112      
-
       133,112      
 N/A
 
Licenses     241,909       (35,424 )     206,485       241,909       (17,280 )     224,629       10  
Trademarks     3,800,000       (58,226 )     3,741,774      
-
      
-
      
-
       10  
FAA waiver     20,310,000       (311,202 )     19,998,798      
-
      
-
      
-
       10  
Developed technology     22,750,000       (232,392 )     22,517,608      
-
      
-
      
-
       15  
Non-compete agreements     340,000       (52,097 )     287,903      
-
      
-
      
-
       1  
Customer relationships     60,000       (1,839 )     58,161      
-
      
-
      
-
       5  
    $ 47,674,730     $ (703,328 )   $ 46,971,402     $ 533,731     $ (21,089 )   $ 512,642          

 

Preliminary estimated intangible assets are being amortized over preliminary estimated useful lives of between one and ten years and subject to revision when the purchase price allocation for American Robotics, Inc, acquisition is complete.

 

Amortization expense for the three months ended September 30, 2021 and 2020 was $662,622 and $640, respectively. Amortization expense for the nine months ended September 30, 2021 and 2020 was $682,239 and $13,152, respectively.

 

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

 

Year Ending December 31,   Estimated
Amortization		  
2021 (3 months)   $ 1,076,784  
2022   $ 4,221,696  
2023   $ 3,966,696  
2024   $ 3,966,419  
2025   $ 3,966,419