NOTE 5 – INTANGIBLE ASSETS

On December 31, 2020, our intangible assets included patent costs totaling $158,710 (of which $133,112 represents 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. On December 31, 2019, our intangible assets included patent costs totaling $127,593 (of which $115,074 represents patent pending costs which are not subject to amortization) less accumulated amortization of patent costs of $1,249 and license costs totaling $200,000 (amortization of licenses did not begin until June 2020). Amortization expense for the year ended December 31, 2020 and 2019 was $19,840 and $1,055, respectively.

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