Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.23.3
INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2023
INTANGIBLE ASSETS  
INTANGIBLE ASSETS

NOTE 6. INTANGIBLE ASSETS

 

Intangible assets include the Company’s intellectual technology and consist of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Gross carrying amount

 

$

3,854,675

 

 

$

3,854,675

 

Accumulated amortization

 

 

(1,284,880

)

 

 

(995,782

)

Intangible assets, net

 

$

2,569,795

 

 

$

2,858,893

 

 

 

 

 

 

 

 

 

 

Amortization period (in years)

 

 

10

 

 

 

10

 

 

Amortization expense was $289,098 for each of the nine-month periods ended September 30, 2023 and 2022 and $96,366 for each of the three-month periods ended September 30, 2023 and 2022 and is included in selling, general, and administrative expenses in the condensed consolidated statements of operations.

 

As of September 30, 2023, estimated future amortization expense for device technology intangible assets is as follows:

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

$

96,366

 

 

$ 385,464

 

 

$ 385,464

 

 

$ 385,464

 

 

$ 385,464

 

 

$ 931,573