Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

8. INTANGIBLE ASSETS

Intangible assets of $191,040 were valued using the relief from royalty method and 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, 2021 and 2020 and $9,552 during both of the six-month periods ended June 30, 2021 and 2020. The net value of these intangibles was $85,968 and $95,520 as of June 30, 2021 and December 31, 2020, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

Intangible assets as of June 30, 2021 consisted of the following:

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

Intangible assets as of December 31, 2020 consisted of the following:

	Gross Carrying Value		Accumulated Amortization			Net Book Value
Developed technology	$	184,100	$	(92,050	)	$	92,050
Customer relationships		1,300		(650	)		650
Non-compete agreements		5,640		(2,820	)		2,820
Total	$	191,040	$	(95,520	)	$	95,520