IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL

5 – IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL

The Company amortizes identifiable intangible assets on a straight-line basis over their estimated lives, which range from 5-15 years. As of September 30, 2021 and December 31, 2020, identifiable intangibles were as follows:

	September 30, 2021			December 31, 2020
Patents and developed technology	$	2,136,764		$	1,775,438
Trade name		330,000			330,000
Other		26,500			26,500
Total		2,493,264			2,131,938
Less accumulated amortization		(2,142,679	)		(1,861,817	)
Net identifiable intangible assets	$	350,585		$	270,121

Amortization expense of identifiable intangible assets was $61,928 and $104,758 for the three months ended September 30, 2021 and 2020, respectively, and $280,863 and $314,272 for the nine months ended September 30, 2021 and 2020, respectively. The estimated future amortization of identifiable intangible assets is as follows:

12-Months Ending September 30,
2022	$	48,386
2023		38,709
2024		38,709
2025		38,709
2026		23,419
Thereafter		162,653
Total	$	350,585

Goodwill of $2,671,434 at December 31, 2020 was tested for impairment on December 31, 2020 and impairment was not required. There were no triggering events that occurred for the three months and nine months ended September 30, 2021 and accordingly, no impairment was required.