Intangible Assets

12 Months Ended

Dec. 31, 2018

Intangible Assets [Abstract]

Intangible Assets

Note 5 – Intangible Assets:

The Company’s intangible assets at December 31, 2018 and 2017 consisted of the following:

December 31, 2018 

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	439,972	$	182,761
Trade names and trademarks		1,649,880		561,449		1,088,431
Customer list		525,663		48,186		477,477
Product formulas		262,832		24,093		238,739
Royalty rights		160,000		97,196		62,804
Total intangible assets	$	3,221,108	$	1,170,896	$	2,050,212

December 31, 2017 

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	387,636	$	235,097
Trade names and trademarks		1,131,125		549,561		581,564
Royalty rights		160,000		79,253		80,747
Total intangible assets	$	1,913,858	$	1,016,450	$	897,408

On July 13, 2018, the Company acquired assets of Snappy Marine, principally consisting of intangible assets (see Note 4).

The allocated cost of the intangible assets acquired from Snappy Marine and their respective useful lives are set forth in the table below: 

Intangible Assets	Amount		Life
Trademarks and trade names	$	518,755	20 years
Customer list		525,663	5 years
Product formulas		262,832	5  years
Total intangible assets acquired from Snappy Marine	$	1,307,250

Amortization expense related to intangible assets aggregated $154,446 and $70,280 for the years ended December 31, 2018 and 2017, respectively.