NOTE 5 - INTANGIBLE ASSETS
Intangible
assets consist of the following:
SCHEDULE
OF INTANGIBLE ASSETS
| |
| | |
| | |
Amortization | |
| |
June 30, | | |
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 | |
| (257,843 | ) | |
| (241,985 | ) | |
| | |
| |
| | | |
| | | |
| | |
Intangible assets, net | |
| 129,441 | | |
| 145,299 | | |
| | |
Indefinite-lived intangible assets: | |
| | | |
| | | |
| | |
Trademarks | |
| 9,072 | | |
| 9,072 | | |
| | |
| |
| | | |
| | | |
| | |
Total intangible assets | |
$ | 138,513 | | |
$ | 154,371 | | |
| | |
Amortization
expense for the six months ended June 30, 2023 and 2022 was $15,858 and $48,458, respectively.
Estimated
future amortization expense for finite-lived intangible assets is as follows:
SCHEDULE
OF ESTIMATED FUTURE AMORTIZATION EXPENSE
| |
Amount | |
| |
| |
Remaining in 2023 | |
$ | 15,858 | |
2024 | |
| 31,716 | |
2025 | |
| 24,652 | |
2026 | |
| 16,032 | |
2027 | |
| 16,032 | |
Thereafter | |
| 25,151 | |
| |
| | |
Total | |
$ | 129,441 | |
|