v3.22.2.2
INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 - INTANGIBLE ASSETS

 

Intangible assets consist of the following:

 

            
           Amortization
   June 30,   December 31,   Period
   2022   2021   (in Years)
Amortized intangible assets:             
Customer relationships  $150,000   $150,000   6 - 10
Proprietary technology   280,000    280,000   10
Tradename and brand   1,050,000    1,050,000   5 - 10
Marketing related   380,000    380,000   5
Patents   361,284    361,284   6 - 20
Noncompete   50,000    50,000   5
              
Total   2,271,284    2,271,284    
Accumulated amortization   (1,244,110)   (1,071,486)   
              
Intangible assets, net   1,027,174    1,199,798    
Indefinite-lived intangible assets:             
Trademarks   9,072    9,072    
              
Total intangible assets  $1,036,246   $1,208,870    

 

Amortization expense for the six months ended June 30, 2022 and 2021 was $172,624 and $191,980, respectively.

 

Estimated future amortization expense for finite-lived intangible assets is as follows:

 

   Amount 
     
Remaining in 2022  $172,625 
2023   338,638 
2024   239,411 
2025   90,550 
2026   71,232 
Thereafter   114,718 
      
Total  $1,027,174