NOTE 5 - INTANGIBLE ASSETS
Intangible
assets consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
| | |
Amortization | |
| |
March 31, | | |
December 31, | | |
Period | |
| |
2023 | | |
2022 | | |
(in Years) | |
Amortized intangible assets: | |
| | | |
| | | |
| |
Patents | |
$ | 361,284 | | |
$ | 361,284 | | |
6
- 20 | |
Proprietary technology | |
| 13,000 | | |
| 13,000 | | |
10 | |
Tradename and brand | |
| 13,000 | | |
| 13,000 | | |
5 - 10 | |
| |
| | | |
| | | |
| |
Total | |
| 387,284 | | |
| 387,284 | | |
| |
Intangible assets, gross | |
| 387,284 | | |
| 387,284 | | |
| |
Accumulated amortization | |
| (249,914 | ) | |
| (241,985 | ) | |
| |
| |
| | | |
| | | |
| |
Intangible assets, net | |
| 137,370 | | |
| 145,299 | | |
| |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| |
Trademarks | |
| 9,072 | | |
| 9,072 | | |
| |
| |
| | | |
| | | |
| |
Total intangible assets | |
$ | 146,442 | | |
$ | 154,371 | | |
| |
Amortization
expense for the three months ended March 31, 2023 and 2022 was $7,929 and $24,229, respectively.
Estimated
future amortization expense for finite-lived intangible assets is as follows:
SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION EXPENSE
| |
Amount | |
| |
| |
Remaining in 2023 | |
$ | 23,787 | |
2024 | |
| 31,716 | |
2025 | |
| 24,652 | |
2026 | |
| 16,032 | |
2027 | |
| 16,032 | |
Thereafter | |
| 25,151 | |
| |
| | |
Total | |
$ | 137,370 | |
|