Note 4 - Intangible Assets

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 4 – INTANGIBLE ASSETS

The components of intangible assets were as follows:

	As of March 31, 2023							As of December 31, 2022
	Gross Carrying Costs		Accumulated Amortization			Net Carrying Amount		Gross Carrying Costs		Accumulated Amortization			Impairment			Net Carrying Amount
Patents & Trademarks	$	534,847	$	(261,878	)	$	272,969	$	509,141	$	(255,276	)	$	-		$	253,865
Developed Technology		-		-			-		3,500,000		(386,459	)		(3,113,541	)		-
Customer Relationships		-		-			-		200,000		(22,083	)		(177,917	)		-
Tradename		-		-			-		80,000		(22,083	)		(57,917	)		-
	$	534,847	$	(261,878	)	$	272,969	$	4,289,141	$	(685,901	)	$	(3,349,375	)	$	253,865

Amortization expense, recorded within general and administrative expenses, was $6,665 and $103,524 during the three months ended March 31, 2023 and 2022, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2023:

Year ending December 31,	Expense
Remainder of 2023	$	20,057
2024		26,743
2025		26,743
2026		26,743
2027		26,743
Thereafter		145,940
Total	$	272,969

The Company concluded there was no impairment of its finite-lived assets as of March 31, 2023.