Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

6. INTANGIBLE ASSETS

The Company's intangible assets at September 30, 2020 and December 31, 2019 consisted of the following:

September 30, 2020

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	531,560	$	91,173
Trade names and trademarks		1,715,325		616,653		1,098,672
Customer list		584,468		240,988		343,480
Product formulas		292,234		120,499		171,735
Royalty rights		160,000		128,599		31,401
Total intangible assets	$	3,374,760	$	1,638,299	$	1,736,461

December 31, 2019

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	492,308	$	130,425
Trade names and trademarks		1,715,325		587,387		1,127,938
Customer list		584,468		153,319		431,149
Product formulas		292,234		76,659		215,575
Royalty rights		160,000		115,140		44,860
Total intangible assets	$	3,374,760	$	1,424,813	$	1,949,947

Amortization expense related to intangible assets was $71,162 and $63,479 for the three months ended September 30, 2020 and 2019, respectively, and $213,486 and $190,438 for the nine months ended September 30, 2020 and 2019, respectively.