Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.20.2
Intangible Assets, Net
9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 4 – INTANGIBLE ASSETS, net

 

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

 

    September 30, 2020     December 31, 2019  
    (Unaudited)        
Patents   $ 614,003     $ 614,003  
Less accumulated amortization     (358,281 )     (332,081 )
      255,722       281,922  
Patents pending     150,850       138,451  
Total intangible assets, net   $ 406,572     $ 420,373  

 

Patents are amortized straight-line over a period of fifteen years. Amortization expense was $8,733 and $26,200 for the three and nine-months ended September 30, 2020, respectively. Amortization expense was $10,074 and $29,102 for the three and nine-months ended September 30, 2019, respectively.

 

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.