Patents and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Patents and Other Intangible Assets

NOTE 6 – PATENTS AND OTHER INTANGIBLE ASSETS

The Company owns certain patents and patents pending related to a fluorine extraction process and patents for various uses of some fluoride gases as fluorinating agents.  These patents were developed in an effort to expand the potential markets for the high purity fluoride gases the Company will produce with its fluorine extraction process.  The Company has filed and been granted international protections on its FEP process patent with some foreign applications still pending. At the present time, Company management believes there is significant future value to these patents, however, the final value of this patent technology or the feasibility of expanding the fluoride gas markets through the use of this newly patented technology is uncertain.

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, 2019 and 2018:

	2019			2018
Beginning	$	5,363,102		$	5,366,757
Additions		9,290			5,560
Disposals		—			(9,215	)
Ending		5,372,392			5,363,102
Accumulated amortization		(1,181,771	)		(1,015,071	)
	$	4,190,621		$	4,348,031

During the year ended December 31, 2019 the Company recognized $166,700 of amortization expense, and during the year ended December 31, 2018, the Company recognized $165,275 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,
2020	$	164,970
2021		164,970
2022		164,970
2023		164,970
2024		164,970
Thereafter		3,365,771
	$	4,190,621