Note 6 - Patents and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 6 – PATENTS AND OTHER INTANGIBLE ASSETS

The Company owns certain patents and patents pending related to a fluorine extraction process (FEP), for various uses of some fluoride gases as fluorinating agents, and some of the RadQual nuclear medicine calibration sources.  The FEP patents were developed in an effort to expand the potential markets for the high purity fluoride gases the Company had planned to produce with its fluorine extraction process. The feasibility of expanding the fluoride gas markets through the use of this patented technology is uncertain. The RadQual product patents were developed to give RadQual a unique competitive advantage by offering calibration standards exclusive to RadQual.

In October 2012, the NRC issued the Company a 40-year construction and operating license for the de-conversion facility.  Capitalized costs associated with the licensing and planning process for this license are being amortized over the 40-year life of the license.

The following table summarizes the patent and intangible activity for the years ended December 31, 2023 and 2022:

	2023
Beginning	$	5,370,878
Additions		—
Disposals		—
Ending		5,370,878
Accumulated amortization		(1,832,420	)
	$	3,538,458

During the year ended December 31, 2023 the Company recognized $164,895 of amortization expense, and during the year ended December 31, 2022, the Company recognized $164,370 of amortization expense.

Patent and other intangible asset amortization is based on the remaining life of the asset and estimated amortization expense is as follows:

Years ending December 31,
2025	$	164,895
2026		164,895
2027		164,895
2028		164,895
2029		164,895
Thereafter		2,713,983
	$	3,538,458