Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 3. Intangible Assets

The following is a summary of intangible assets which consists of licenses and patents:

	Cost		Accumulated Amortization		Net Book Value
June 30, 2020
Licenses	$	462,234	$	456,117	$	6,117
Patents		1,893,185		1,893,185		-
Total	$	2,355,419	$	2,349,302	$	6,117
December 31, 2019
Licenses	$	462,234	$	442,535	$	19,699
Patents		1,893,185		1,893,185		-
Total	$	2,355,419	$	2,335,720	$	19,699

Amortization expense was $6,791 for each of the three months ended June 30, 2020 and 2019. Amortization expense was $13,582 for each of the six months ended June 30, 2020 and 2019.

Based on the balance of licenses and patents at June 30, 2020, future amortization expense through December 31, 2020 is expected to be $6,117. 

License fees and royalty payments are expensed as incurred, as the Company does not attribute any future benefits of such payments.