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Patents and Trademark Rights, Net
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Patents and Trademark Rights, Net

Note 5: Patents and Trademark Rights, Net

 

Patent and trademark rights consist of the following (in thousands):

 Schedule of Patent and Trademark Rights

   March 31, 2024   December 31, 2023 
   Gross Carrying Value   Accumulated Amortization   Net Carrying Value   Gross Carrying Value   Accumulated Amortization   Net Carrying Value 
Patents  $2,995   $(794)  $2,201   $2,947   $(750)  $2,197 
Trademarks   231    (118)   113    229    (113)   116 
Net amortizable patents and trademarks rights  $3,226   $(912)  $2,314   $3,176   $(863)  $2,313 

 

December 31, 2023  $2,313 
Acquisitions   50 
Abandonments   — 
Amortization
   (49)
March 31, 2024  $2,314 

 

Patents and trademarks are stated at cost (primarily legal fees) and are amortized using the straight-line method over an estimated useful life of 17 years for patents and 10 years for trademarks. The weighted remaining average amortization period is approximately 12 years for patents and 7 years for trademarks, respectively. The company expenses annuity costs related to its trademarks and patents.

 

 

Amortization of patents and trademarks for each of the next five years and thereafter is as follows:

     
Year Ending December 31,    
2024  $186 
2025   237 
2026   235 
2027   212 
2028   193 
Thereafter   1,251 
Total  $2,314