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PATENTS AND TRADEMARKS
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
PATENTS AND TRADEMARKS

NOTE 3 – PATENTS AND TRADEMARKS

 

As of December 31, 2020, the Company’s patent and trademark portfolios consisted of eleven granted U.S. patents and one granted European patent validated in four countries, six pending U.S. and three foreign patent applications, six registered U.S. trademarks, seven registered foreign registrations, including two in Europe and one each in Australia, Colombia, Japan, Mexico, and Singapore, and four pending U.S. and foreign trademark applications. In January 2020, the Company received a Notice of Allowance for the U.S. patent application for the dual code authentication process relating to the Company’s invisible QR code and smartphone reading system titled “Dual code authentication process.” This application was issued as U.S. Patent No. 10,614,350 in April 2020. Additionally, the Company received a Notice of Allowance for the U.S. Patent Application titled “Device and method for authentication” in June 2020, and this application was issued as U.S. Patent No. 10,783,734 in September 2020. The Company’s issued patents expire between the years 2021 and 2038. Costs associated with the registration, prosecution and legal defense of the patents have been capitalized and are amortized on a straight-line basis over the estimated lives of the patents which were determined to be 17 to 19 years.

 

During the years ended December 31, 2020 and 2019, the Company capitalized $103 thousand and $44 thousand, respectively, for patent costs and trademarks. Amortization and impairment expense for patents and trademarks was $28 thousand and $34 thousand for the years ended December 31, 2020 and 2019, respectively.