Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

4. Intangible assets, net

Intangible assets are stated at cost less accumulated amortization, and consist of the following at December 31, 2023 and 2022:

	December 31,
	2023			2022
Patents acquired	$	39,143,975		$	39,143,975
Others		227,009			227,511
Total cost		39,370,984			39,371,486
Less: accumulated amortization		(11,087,776	)		(6,564,748	)
Intangible assets, net	$	28,283,208		$	32,806,738

Amortization expense for the years ended December 31, 2023 and 2022 was $4,523,516 and $4,522,002, respectively. No impairment loss was recorded in 2023 and 2022.

Estimated future amortization expense is as follows:

2024	$	4,534,864
2025		4,522,512
2026		4,522,345
2027		4,521,505
2028		4,533,858
Thereafter		5,648,124
Total expense	$	28,283,208