Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

v3.21.1
Intangible Assets, Net
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net

NOTE 4 – INTANGIBLE ASSETS, net

 

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

 

    2020     2019  
Patents   $ 499,106     $ 614,003  
Less accumulated amortization     (256,742 )     (332,081 )
      242,364       281,922  
Patents pending     60,047       138,451  
Total intangible assets, net   $ 302,411     $ 420,373  

 

Patents are amortized straight-line over a period of fifteen years. Amortization expense was $34,519 and $39,569 for the years ended December 31, 2020 and 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 28 issued patents, including 13 in the U.S. and 15 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.