Note 7 - Intangible Assets

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 7 – INTANGIBLE ASSETS

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

	As of September 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	$	521,621	$	(300,148	)	$	221,473	$	521,621	$	(280,282	)	$	241,339

Finite-lived intangible assets are amortized over their estimated useful lives. Amortization expense, recorded within general and administrative expenses of continuing operations, was $6,621 and $6,622 during the three months ended September 30, 2024, and 2023, respectively, and $19,866 and $19,841 during the nine months ended September 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 September 30, 2024:

Year Ending December 31,	Expense
Remainder of 2024	$	6,622
2025		26,489
2026		26,489
2027		26,489
2028		26,489
Thereafter		108,895
Total	$	221,473

The Company reviews finite-lived intangible assets for impairment in accordance with ASC 360, Property, Plant, and Equipment 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 held and used in continuing operations were incurred during the nine months ended September 30, 2024, and 2023.