INTANGIBLE AND OTHER ASSETS

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

INTANGIBLE AND OTHER ASSETS

4.       INTANGIBLE AND OTHER ASSETS

Patents and trademarks and other intangible assets are capitalized at their historical cost and are amortized over their estimated useful lives. As of March 31, 2021, intangible assets total $261,726, net of $115,846 of accumulated amortization. As of December 31, 2020, intangible assets total $261,726, net of $111,596 of accumulated amortization.

Amortization expense for the three months ended March 31, 2021 and 2020 was $4,251 and $9,720, respectively. License and distributor rights were acquired by the Company in January 1999 and provide exclusive use distribution of polymers and polymer based products. The Company has a non-expiring term on the license and distribution rights. Accordingly, the Company annually assesses this license and distribution rights for impairment and has determined that no impairment write-down is considered necessary as of March 31, 2021.