Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 4 – Intangible Assets and Goodwill

Intangible assets, including patents and patent applications, a trademark and an internet domain related to Medtainer and distribution rights under a Distributorship Agreement dated August 6, 2020, are recorded at cost or estimated fair value at the date of acquisition. Goodwill relates to an Asset Purchase Agreement, amended as of June 8, 2018. The Company tested intellectual property and goodwill for impairment in preparing its financial statements for the year ended December 31, 2021, and determined that no adjustment was required. As of June 30, 2022, and December 31, 2021, there was no impairment of these assets, which are included in the tables below:  

Intangible Assets and Goodwill at June 30, 2022
Description	Weighted Average Estimated Useful Life	Gross Carrying Value		Accumulated Amortization			Net Amount
Distributorship Agreement	5 years	$	900,000	$	(310,932	)	$	589,068
U.S. patents	15 years		435,000		(115,853	)		319,147
U.S. patents	16 years		435,000		(111,503	)		323,497
Canadian patents	20 years		260,000		(52,563	)		207,437
European patents	14 years		30,000		(8,481	)		21,519
Molds	15 years		150,000		(39,942	)		110,058
Trademark	Indefinite life		220,000		–			220,000
Domain name	Indefinite life		2,000		–			2,000
Intangible totals		$	2,432,000	$	(639,274	)	$	1,792,726
Goodwill		$	1,020,314	$	–		$	1,020,314

Intangible Assets and Goodwill at December 31, 2021
Description	Weighted Average Estimated Useful Life	Gross Carrying Value		Accumulated Amortization			Net Amount
GP distribution agreement	5 years	$	900,000	$	(220,932	)	$	679,068
U.S. patents	15 years		435,000		(101,597	)		333,403
U.S. patents	15 years		435,000		(97,781	)		337,219
Canadian patents	20 years		260,000		(46,095	)		213,905
European patents	14 years		30,000		(7,437	)		22,563
Molds	15 years		150,000		(35,028	)		114,972
Trademark	Indefinite life		220,000		–			220,000
Domain name	Indefinite life		2,000		–			2,000
Intangible totals		$	2,432,000	$	(508,870	)	$	1,923,130
Goodwill		$	1,020,314	$	–		$	1,020,314