Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 5 – Intangible Assets:

The Company's intangible assets at December 31, 2019 and 2018 consisted of the following:

December 31, 2019 

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	492,308	$	130,425
Trade names and trademarks		1,715,325		587,387		1,127,938
Customer list		584,468		153,319		431,149
Product formulas		292,234		76,659		215,575
Royalty rights		160,000		115,140		44,860
Total intangible assets	$	3,374,760	$	1,424,813	$	1,949,947

December 31, 2018 

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	439,972	$	182,761
Trade names and trademarks		1,649,880		561,449		1,088,431
Customer list		525,663		48,186		477,477
Product formulas		262,832		24,093		238,739
Royalty rights		160,000		97,196		62,804
Total intangible assets	$	3,221,108	$	1,170,896	$	2,050,212

On December 27, 2019, the Company acquired intangible assets of Check Corporation, a manufacturer and distributer of mildew and humidity control products.

The allocated cost of the intangible assets acquired from Check Corporation and their respective useful lives are set forth in the table below: 

Intangible Assets	Amount		Life
Trademarks and trade names	$	65,445	5 years
Customer list		58,805	5 years
Product formulas		29,402	5 years
Total intangible assets acquired from Check Corporation	$	153,652

On July 13, 2018, the Company acquired assets of Snappy Marine, a corporation that marketed and distributed Snappy Teak – NU^®, a cleaning product for teak surfaces on boats principally consisting of intangible assets.

The allocated cost of the intangible assets acquired from Snappy Marine and their respective useful lives are set forth in the table below: 

Intangible Assets	Amount		Life
Trademarks and trade names	$	518,755	20 years
Customer list		525,663	5 years
Product formulas		262,832	5 years
Total intangible assets acquired from Snappy Marine	$	1,307,250

Amortization expense related to intangible assets aggregated $253,917 and $154,446 for the years ended December 31, 2019 and 2018, respectively.