Note 4 - Intangible Assets

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 4 – INTANGIBLE ASSETS

The components of intangible assets were as follows:

	As of June 30, 2021							As of December 31, 2020
	Gross Carrying Costs		Accumulated Amortization			Net Carrying Amount		Gross Carrying Costs		Accumulated Amortization			Net Carrying Amount
Patents & Trademarks	$	424,291	$	(220,122	)	$	204,169	$	401,421	$	(211,110	)	$	190,311
Developed Technology		2,882,000		(324,225	)		2,557,775		2,882,000		(252,175	)		2,629,825
Customer Relationships		445,000		(333,750	)		111,250		445,000		(259,583	)		185,417
Tradename		398,000		(16,356	)		381,644		398,000		(5,452	)		392,548
Total	$	4,149,291	$	(894,453	)	$	3,254,838	$	4,126,421	$	(728,320	)	$	3,398,101

Amortization expense was $166,133 and $153,689 during the six months ended June 30, 2021 and 2020, respectively and $83,086 and $77,184 during the three months ended June 30, 2021 and 2020, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2021:

Year ending December 31,	Expense
2021	$	249,182
2022		220,993
2023		183,910
2024		183,910
2025		183,910
Thereafter		2,232,933
Total	$	3,254,838