Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

The Company’s intangible assets at September 30, 2021 and December 31, 2020 consisted of the following:

September 30, 2021

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	583,896	$	38,837
Trade names and trademarks		1,715,325		655,684		1,059,641
Customer list		584,468		357,882		226,586
Product formulas		292,234		178,941		113,293
Royalty rights		160,000		146,543		13,457
Total intangible assets	$	3,374,760	$	1,922,946	$	1,451,814

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

Amortization expense related to intangible assets was $71,162 for each of the three months ended September 30, 2021 and 2020, and $213,485 and $213,486 for the nine months ended September 30, 2021 and 2020, respectively.