Intangible Assets, net

12 Months Ended

Dec. 31, 2023

Intangible Assets, net

Intangible Assets, net

Note 6 – Intangible Assets, net

The Company has capitalized the costs associated with acquiring the intellectual property of MFB (see Note 3) at a value of $4,195,353 as of December 31, 2023 and 2022, respectively.

The amount capitalized consisted of a portion of the fair value of 1,000,000 shares of Convertible Preferred C stock of $4,200,000. During the year ended December 31, 2023, no additional costs met the criteria for capitalization as an intangible asset.

As of December 31, 2023 and 2022, finite lived intangible assets consisted of the following:

	December 31			December 31
	2023			2022
Patents	$	4,195,353		$	4,195,353
Accumulated amortization		(247,247	)		-
Intangible assets, net	$	3,948,106		$	4,195,353

Estimated future amortization expense for finite lived intangibles are as follows:

Year ended December 31,
2024	$	247,931
2025		247,931
2026		247,931
2027		247,931
2028		247,931
Thereafter		2,708,451
	$	3,948,106

As of December 31, 2023, the weighted-average useful life is 16.11 years.

During the year ended December 31, 2023 and 2022, the amortization expense was $247,247 and $0, respectively. The Company commenced with amortization during 2023, when we started operations using the acquired assets.