Note 3 - Intangible Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

3. INTANGIBLE ASSETS

Intangible assets consist of patents, and patent applications.  Capitalized patent application costs are included with patents.  Intangible assets are amortized on a straight-line basis over their estimated useful lives or terms of their agreement, whichever is shorter.    The Company wrote off costs related to abandoned patent applications of

$17,000

in

2020

and

$93,000

in

2019.

 

Intangible assets at

December 

31,

2020

 and

2019

 consist of the following:

	December 31, 2020					December 31, 2019
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
	Amount		Amortization			Amount		Amortization
Amortized intangible assets:
Patents	$	450,982	$	(207,399	)	$	452,978	$	(181,609	)

	2020		2019
Aggregate amortization expense:
For the years ended December 31	$	25,790	$	31,869

Estimated amortization expense for the years ending

December 

31:

2021	$	25,000
2022		25,000
2023		25,000
2024		24,000
2025		24,000
Thereafter		67,000

In connection with a license agreement, the Company has agreed to pay royalties ranging from

3%

to

5%

on the sales of products subject to the agreement.  The Company incurred

$8,000

and

$10,000

of expense under these agreements during

2020

 and

2019,

respectively, which are included in selling, general and administrative expenses in the Statements of Operations.