Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.21.1
INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

 

On March 31, 2021, our intangible assets included patent costs totaling $124,532 (of which $91,781 represents patent pending costs which are not subject to amortization) less accumulated amortization of patent costs of $10,511 and license costs totaling $241,909 less accumulated amortization of license costs of $23,328. 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. Amortization expense for the three months ended March 31, 2021 and 2020 was $12,750 and $640, 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 (9 months)   $ 20,600  
2022   $ 27,029  
2023   $ 27,029  
2024   $ 26,752  
2025   $ 26,752