Note 6 - Intangible Assets

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 6 – INTANGIBLE ASSETS

The Company’s intangibles, net consisted of the following:

	As of June 30, 2024							As of December 31, 2023
	Gross Carrying Costs		Accumulated Amortization			Net Carrying Amount		Gross Carrying Costs		Accumulated Amortization			Net Carrying Amount
Patents & Trademarks	$	535,096	$	(296,365	)	$	238,731	$	535,096	$	(282,639	)	$	252,457

Finite-lived intangible assets are amortized over their estimated useful lives. Amortization expense, recorded within general and administrative expenses, was $6,863 and $7,035 during the three months ended June 30, 2024, and 2023, respectively, and $13,726 and $13,700 during the six months ended June 30, 2024, and 2023, respectively.

Accumulated amortization is included in Intangibles, net in the condensed consolidated balance sheets.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2024:

Year Ending December 31,	Expense
Remainder of 2024	$	13,726
2025		27,451
2026		27,451
2027		27,451
2028		27,451
Thereafter		115,201
Total	$	238,731

The Company reviews finite-lived intangible assets for impairment in accordance with ASC 360, whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Events or changes in circumstances that indicate the carrying amount may not be recoverable include, but are not limited to, a significant change in the medical device marketplace and a significant adverse change in the business climate in which the Company operates. No impairment charges related to finite-lived intangible assets were incurred during the six months ended June 30, 2024, and 2023.