| INTANGIBLE ASSETS |
NOTE
6 – INTANGIBLE ASSETS
The
components of intangible assets, all of which are finite lived, were as follows:
| |
|
December 31, 2021 |
|
|
December 31, 2020 |
|
|
|
|
| |
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
|
Gross
Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net
Carrying Amount
|
|
|
Useful
Life |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Patents |
|
$ |
75,266 |
|
|
$ |
(13,077 |
) |
|
$ |
62,189 |
|
|
$ |
25,598 |
|
|
$ |
(3,809 |
) |
|
$ |
21,789 |
|
|
|
10 |
|
| Patents in process |
|
|
89,767 |
|
|
|
- |
|
|
|
89,767 |
|
|
|
133,112 |
|
|
|
- |
|
|
|
133,112 |
|
|
|
N/A |
|
| Licenses |
|
|
241,909 |
|
|
|
(41,471 |
) |
|
|
200,438 |
|
|
|
241,909 |
|
|
|
(17,280 |
) |
|
|
224,629 |
|
|
|
10 |
|
| Trademarks |
|
|
3,230,000 |
|
|
|
(130,242 |
) |
|
|
3,099,758 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
| FAA waiver |
|
|
5,930,000 |
|
|
|
(239,113 |
) |
|
|
5,690,887 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
| Developed technology |
|
|
16,120,000 |
|
|
|
(650,000 |
) |
|
|
15,470,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
10 |
|
| Non-compete agreements |
|
|
840,000 |
|
|
|
(338,710 |
) |
|
|
501,290 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
| Customer relationships |
|
|
60,000 |
|
|
|
(4,839 |
) |
|
|
55,161 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
| |
|
$ |
26,586,942 |
|
|
$ |
(1,417,452 |
) |
|
$ |
25,169,489 |
|
|
$ |
400,619 |
|
|
$ |
(21,089 |
) |
|
$ |
379,530 |
|
|
|
|
|
Amortization expense for years
ended December 31, 2021 and 2020 was $1,396,364 and $19,840, respectively.
We recognized losses on intellectual property of $97,789 and $33,334
due to expiration of patent applications for the years ended December 31, 2021 and 2020, 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 |
|
| 2022 |
|
$ |
2,072,570 |
|
| 2023 |
|
$ |
2,571,280 |
|
| 2024 |
|
$ |
2,571,003 |
|
| 2025 |
|
$ |
2,571,003 |
|
| 2026 |
|
$ |
2,566,164 |
|
|