NOTE 4 – INTANGIBLE ASSETS, net

Intangible assets, net, consists of the following as of December 31:

Patents are amortized straight-line over a period of fifteen years. Amortization expense was $39,569 and $28,669 for the years ended December 31, 2019 and 2018, respectively. During the year ended December 31, 2019, patent costs of $36,205 were expensed as a result of the abandonment of patents.

The Company has capitalized costs for several patents that are still pending. In those instances, the Company has not recorded any amortization. The Company will commence amortization when these patents are approved.

The Company has 29 issued patents, including 14 in the U.S. and 15 outside the U.S., and one patent pending outside the U.S that will expire between 2023 and 2028, subject to patent term extensions. The Company also has four additional patents pending that if issued would extend patent coverage in the U.S. and outside the U.S. to 2039-2041, one of which was filed subsequent to year-end.