v3.26.1
Note 7 - Intangible Assets, Net
6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Intangible Asset [Text Block]

7. Intangible Assets, Net

 

The gross carrying amount and accumulated amortization of separately identifiable intangible assets are as follows:

 

 

 

As of June 30, 2026

 

 

 

Gross

 

 

 

 

 

Fair

 

 

 

 

 

Net

 

 

 

Carrying

 

 

Accumulated

 

 

Market Value

 

 

 

 

 

Carrying

 

 

 

Amount

 

 

Amortization

 

 

Adjustment

 

 

Impairment

 

 

Amount

 

Patents

 

$

526,235

 

 

$

(88,018

)

 

$

 

 

$

 

 

$

438,217

 

Trademark

 

 

45,000

 

 

 

(30,500

)

 

 

 

 

 

 

 

 

14,500

 

Total intangible assets

 

$

571,235

 

 

$

(118,518

)

 

$

 

 

$

 

 

$

452,717

 

 

As of December 31, 2025

Gross

Fair

Net

Carrying

Accumulated

Market Value

Carrying

Amount

Amortization

Adjustment

Impairment

Amount

Patents

$

521,302

$

(71,079

)

$

$

$

450,223

Trademark

45,000

(29,000

)

16,000

Total intangible assets

$

566,302

$

(100,079

)

$

$

$

466,223

 

Amortization expense for the three months ended June 30, 2026 and 2025 was $9,375 and $8,597, respectively, and for the six months ended June 30, 2026 and 2025 was $18,439 and $15,927, respectively. There was no amortization expense for the developed software for the three and six months ended June 30, 2026 and 2025.

 

ASC 360, Property, Plant, and Equipment, defines a multi-step process to test long-lived assets, including intangible assets, for recoverability that if failed would indicate impairment. First, the Company must consider whether indicators of impairment of long-lived assets are present. 

 

Next, the Company must review the long-lived assets to define asset group(s) that would reflect the lowest level of assets to which discrete cash flows are identifiable, and test these asset groups for impairment.

 

For the three and six months ended June 30, 2026 and 2025, the Company did not record any impairment charges related to long-lived assets.

 

It was determined for all remaining long-lived assets that there were no triggering events, and therefore, no impairment charges to long-lived assets were necessary as of  June 30, 2026 and  December 31, 2025.

 

Estimated amortization expense for all intangible assets subject to amortization in future years is expected to be:

 

Years ended December 31,

 

Amortization

 

Remainder 2026

 

$

18,750

 

2027

 

 

37,500

 

2028

 

 

37,500

 

2029

 

 

37,500

 

2030

 

 

37,500

 

Thereafter

 

 

283,967

 

Total

 

$

452,717