Intangible Assets

9 Months Ended

Sep. 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
September 30, 2020
Licenses	$	462,234	$	462,234	$	-
Patents		1,893,185		1,893,185		-
Total	$	2,355,419	$	2,355,419	$	-
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 $6,117 and $6,791 for the three months ended September 30, 2020 and 2019, respectively. Amortization expense was $19,699 and $20,373 for each of the nine months ended September 30, 2020 and 2019, respectively.

Based on the balance of licenses and patents at September 30, 2020, no future amortization expense is expected through December 31, 2020.  

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