Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 3 – Intangible Assets


The Company’s intangible assets consist of patents and patent applications.


The Company capitalizes costs incurred in connection with acquiring its patents. These costs include registration, documentation, and legal fees associated with the application. Costs incurred with patents that have been previously granted are expensed as incurred.


Provisional patent applications are not amortized until a patent has been granted. Once a patent is granted, the Company will amortize the related costs over the estimated useful life of the patent. If a patent application is denied, then the costs will be expensed at that time.


During the six months ended June 30, 2023, $27,571 of costs related to patents issued during the quarter were reclassified from provisional patent application to patents and began to be amortized as of the date of issue.



The following is a summary of definite-life intangible assets less accumulated amortization as of June 30, 2023 and December 31, 2022, respectively:


    June 30,
    December 31,
Provisional Patent Applications   $ 752,802     $ 675,251  
Patents     552,321       524,750  
Less: Accumulated Amortization     (89,712 )     (74,716 )
Net Intangible Assets   $ 1,215,411     $ 1,125,285  


Amortization expense on intangible assets was $14,996 and $10,993 for the six months ended June 30, 2023 and 2022, respectively.


The estimated aggregate amortization expense for years ending December 31 is as follows:


2023 (Remaining)   $ 15,596  
2024     31,192  
2025     31,192  
2026     31,192  
Thereafter     353,437  
Intangible asset and amortization expense   $ 462,609