Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

There were no changes in the carrying amount of goodwill for the periods ended June 30, 2023 and December 31, 2022.

Intangible assets as of June 30, 2023 and December 31, 2022 consisted of the following:

	Useful Lives	June 30, 2023		December 31, 2022
Patent application costs	3 Years	$	420,002	$	382,285
Trade name and trademarks	3 Years	69,556		68,356
Intangible assets, gross		489,558		450,641
Less: Accumulated amortization		(274,735)		(198,955)
Intangible assets, net		$	214,823	$	251,686

Intangible asset amortization expense is recognized on a straight-line basis and intangible asset amortization expense for the three months ended June 30, 2023 and 2022 totaled $38 thousand and $22 thousand, respectively. Intangible asset amortization expense is recognized on a straight-line basis and intangible asset amortization expense for the six months ended June 30, 2023 and 2022 totaled $75 thousand and $46 thousand, respectively.

Estimated future amortization expense of intangible assets is as follows:

Years Ending December 31,	Amount
2023	$	76,048
2024	93,545
2025	42,884
2026	2,346
	$	214,823