| INTANGIBLE ASSETS |
NOTE 6 – INTANGIBLE ASSETS
The components of intangible
assets, all of which are finite lived, were as follows:
| |
|
March 31, 2022 |
|
|
December 31, 2021 |
|
|
|
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying Amount |
|
|
Useful
Life |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Patents |
|
$ |
77,772 |
|
|
$ |
(17,356 |
) |
|
$ |
60,416 |
|
|
$ |
75,266 |
|
|
$ |
(13,077 |
) |
|
$ |
62,189 |
|
|
|
10 |
|
| Patents in process |
|
|
96,345 |
|
|
|
- |
|
|
|
96,344 |
|
|
|
89,767 |
|
|
|
- |
|
|
|
89,767 |
|
|
|
N/A |
|
| Licenses |
|
|
241,909 |
|
|
|
(47,520 |
) |
|
|
194,389 |
|
|
|
241,909 |
|
|
|
(41,471 |
) |
|
|
200,438 |
|
|
|
10 |
|
| Trademarks |
|
|
3,230,000 |
|
|
|
(210,992 |
) |
|
|
3,019,008 |
|
|
|
3,230,000 |
|
|
|
(130,242 |
) |
|
|
3,099,758 |
|
|
|
10 |
|
| FAA waiver |
|
|
5,930,000 |
|
|
|
(387,363 |
) |
|
|
5,542,637 |
|
|
|
5,930,000 |
|
|
|
(239,113 |
) |
|
|
5,690,887 |
|
|
|
10 |
|
| Developed technology |
|
|
16,120,000 |
|
|
|
(1,053,000 |
) |
|
|
15,067,000 |
|
|
|
16,120,000 |
|
|
|
(650,000 |
) |
|
|
15,470,000 |
|
|
|
10 |
|
| Non-compete agreements |
|
|
840,000 |
|
|
|
(548,710 |
) |
|
|
291,290 |
|
|
|
840,000 |
|
|
|
(338,710 |
) |
|
|
501,290 |
|
|
|
1 |
|
| Customer relationships |
|
|
60,000 |
|
|
|
(7,839 |
) |
|
|
52,161 |
|
|
|
60,000 |
|
|
|
(4,839 |
) |
|
|
55,161 |
|
|
|
5 |
|
| |
|
$ |
26,596,026 |
|
|
$ |
(2,272,780 |
) |
|
$ |
24,323,246 |
|
|
$ |
26,586,942 |
|
|
$ |
(1,417,452 |
) |
|
$ |
25,169,489 |
|
|
|
|
|
Amortization expense for the
three months ended March 31, 2022 and 2021 was $855,326 and $12,750, respectively.
We recognized no losses on
intellectual property for the three months ended March 31, 2022 and 2021, respectively.
Estimated amortization expense for the next five years for the intangible
assets currently being amortized is as follows:
| Year Ending December 31, |
|
Estimated
Amortization |
|
| 2022 (9 months) |
|
$ |
1,372,244 |
|
| 2023 |
|
$ |
2,571,280 |
|
| 2024 |
|
$ |
2,571,003 |
|
| 2025 |
|
$ |
2,571,003 |
|
| 2026 |
|
$ |
2,566,164 |
|
| Thereafter |
|
$ |
12,575,208 |
|
| Total |
|
$ |
24,226,902 |
|
|