PATENT COSTS

6 Months Ended

Jun. 30, 2020

PATENT COSTS

PATENT COSTS

5. PATENT COSTS

We amortize intangible assets with definite lives on a straight-line basis over their estimated useful lives, ranging from two to ten years, and review for impairment on a quarterly basis and when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. As of June 30, 2020 and December 31, 2019, no impairment existed, and no adjustments were warranted.

No costs were capitalized for the three and six months ended June 30, 2020, as compared to $93,000 for three and six months ended June 30, 2019, respectively. Patent costs may be creditable against future royalty revenues. For each period presented below, net patent costs consisted of:

	June 30,		December 31,
	2020		2019
Patents	$	1,272,625	$	1,272,625
Accumulated amortization		(740,636)		(699,348)
	$	531,989	$	573,277

The amortization expense for patents for the three and six months ended June 30, 2020 was $20,000 and $41,000 respectively, and for the three and six months ended June 30, 2019 was $24,000 and $43,000, respectively. The estimated aggregate amortization expense for the remaining six months of 2020 and each of the years below is as follows:

July 1, 2020 – December 31, 2020	$	41,300
2021		65,400
2022		65,400
2023		65,400
2024		65,400
Thereafter		229,100

6.