Intangible Assets

12 Months Ended

Dec. 31, 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 $19,104 during both of the years ended December 31, 2021 and 2020. The net value of these intangibles was $76,416 and $95,520 as of December 31, 2021 and 2020, respectively. Intangible asset amortization expense is estimated to be $19,104 per year through December 31, 2025.

Intangible assets as of December 31, 2021 consisted of the following:

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

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