Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

8. INTANGIBLE ASSETS

The developed technology intangible assets of approximately $191,000 (which include an immaterial amount of value associated with customer relationships and a non-compete agreement and was valued using the relief from royalty method) are being amortized to costs of goods sold over their useful lives, which are estimated to be 10 years. Intangible amortization expense was $4,776 during both of the three-month periods ended June 30, 2020 and 2019 and $9,552 during both of the six-month periods ended June 30, 2020 and 2019. The net value of these intangibles was $105,072 and $114,624 as of June 30, 2020 and December 31, 2019, respectively. Intangible asset amortization expense is estimated to be approximately $19,104 per year through December 31, 2025.

Intangible assets as of June 30, 2020 consisted of the following:

	Gross Carrying Value		Accumulated Amortization			Net Book Value
Developed technology	$	184,100	$	(82,845	)	$	101,255
Customer relationships		1,300		(585	)		715
Non-compete agreements		5,640		(2,538	)		3,102
Total	$	191,040	$	(85,968	)	$	105,072

Intangible assets as of December 31, 2019 consisted of the following:

	Gross Carrying Value		Accumulated Amortization			Net Book Value
Developed technology	$	184,100	$	(73,640	)	$	110,460
Customer relationships		1,300		(520	)		780
Non-compete agreements		5,640		(2,256	)		3,384
Total	$	191,040	$	(76,416	)	$	114,624