Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5 – Intangible Assets

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

December 31, 2020  

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	544,644	$	78,089
Trade names and trademarks		1,715,325		626,413		1,088,912
Customer list		584,468		270,212		314,256
Product formulas		292,234		135,107		157,127
Royalty rights		160,000		133,085		26,915
Total intangible assets	$	3,374,760	$	1,709,461	$	1,665,299

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

On December 27, 2019, the Company acquired intangible assets of Check Corporation, a manufacturer and distributer of mildew and humidity control products.

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

Intangible Assets	Amount		Life
Trademarks and trade names	$	65,445	5 years
Customer list		58,805	5 years
Product formulas		29,402	5 years
Total intangible assets acquired from Check Corporation	$	153,652

Amortization expense related to intangible assets aggregated $284,648 and $253,917 for the years ended December 31, 2020 and 2019, respectively.