Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets
9 Months Ended
Sep. 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 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:



September 30,



December 31,


Provisional Patent Applications   $


    $ 675,251  
Patents     568,280       524,750  
Less: Accumulated Amortization     (97,818 )     (74,716 )
Net Intangible Assets   $ 1,247,697     $ 1,125,285  


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:


2023 (Remaining)   $ 8,033  
2024     32,131  
2025     32,131  
2026     32,131  
Thereafter     366,036  
Amortization expense   $ 470,462