Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 3 – Intangible Assets

The Company’s intangible assets consist of patents and patent applications.

Provisional patent applications are not amortized until a patent has been granted. Once a patent is granted, the Company will amortize the related costs over the estimated useful life of the patent. If a patent application is denied, then the costs will be expensed at that time.

During 2022, $126,231 of costs related to patents issued to us during 2022 were reclassified from provisional patent application to patents and began to be amortized as of the date of issue.

The following is a summary of definite-life intangible assets less accumulated amortization as of September 30, 2022 and December 31, 2021, respectively:

	September 30, 2022			December 31, 2021
Provisional Patent Applications	$	725,164		$	675,291
Patents		426,601			300,370
Less: Accumulated Amortization		(67,560	)		(50,550	)
Net Intangible Assets	$	1,084,205		$	925,111

Amortization expense on intangible assets was $17,010 and $22,998 for the nine months ended September 30, 2022 and 2021, respectively.

The estimated aggregate amortization expense for each of the following years ending December 31 is as follows:

2022 (Remaining)	$	6,153
2023		24,610
2024		24,610
2025		24,610
Thereafter		279,058
	$	359,041