|9 Months Ended|
Sep. 30, 2023
|Goodwill and Intangible Assets Disclosure [Abstract]|
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 nine months ended September 30, 2023, $43,530 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 September 30, 2023 and December 31, 2022, respectively:
Summary of Definite-life Intangible Assets and Accumulated Amortization
Amortization expense on intangible assets was $23,102 and $17,010 for the nine months ended September 30, 2023 and 2022, respectively.
The estimated aggregate amortization expense for years ending December 31 is as follows:
Schedule of Aggregate Amortization Expense
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef