INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

Intangible assets as of September 30, 2022 and December 31, 2021 consist of the following:

	September 30,			December 31,
	2022			2021
Intangible assets subject to amortization
Customer Relationship	$	7,323,000		$	7,323,000
Trade Names		2,396,000			2,396,000
Patents		1,730,771			1,730,089
Technology and Know How		8,341,000			8,341,000
		19,790,771			19,790,089
Less: Accumulated Amortization		(2,139,485	)		(813,533	)
	$	17,651,286		$	18,976,556

During the three months ended September 30, 2022 and 2021, the Company recorded total amortization expense related to intangible assets of $441,984 and $134,850, respectively. During the nine months ended September 30, 2022 and 2021, the Company recorded total amortization expense related to intangible assets of $1,325,953 and $359,600, respectively.

The useful lives of tradenames ranges from 5 to 10 years, technology is 10 years, customer relationships ranges from 7 to 14 years, and patents range from 17 to 20 years.

Future amortization of intangible assets is as follows:

For the year ending December 31,
2022 (3 months)	$	439,629
2023		1,767,181
2024		1,767,181
2025		1,767,181
2026		1,750,881
Thereafter		10,159,233
Total	$	17,651,286