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Note 7 - Patents
3 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 7 — PATENTS    

 

  

March 31, 2022

     
  

Cost

  

Accumulated Amortization

  

Net

 

Patents-foundation intellectual property

 $1,377,863  $(1,113,671) $264,192 

Total

 $1,377,863  $(1,113,671) $264,192 

 

  

December 31, 2021

     
  

Cost

  

Accumulated Amortization

  

Net

 

Patents-foundation intellectual property

 $1,377,863  $(1,100,244) $277,619 

Total

 $1,377,863  $(1,100,244) $277,619 

 

Patents are amortized utilizing the straight-line method over estimated useful lives ranging from 3 to 20 years. Amortization expense was approximately $13,000 and $11,000 for the three months ended March 31, 2022, and March 31, 2021, respectively. The annual amortization expense expected to be recorded for existing intangibles assets for the years 2022 through 2026 and thereafter, is approximately $40,000, $52,000, $34,000, $28,000 and $110,000.