| INTANGIBLE ASSETS |
NOTE 8 – INTANGIBLE ASSETS
Intangible assets consist of the following:
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June 30, 2022 |
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Useful |
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Gross Carrying |
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Accumulated |
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Net Carrying |
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Life |
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Amount |
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Amortization |
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Amount |
Trademarks |
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10 Years |
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$ |
1,520,000 |
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$ |
(190,000) |
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$ |
1,330,000 |
Noncompete agreements |
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5 Years |
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990,000 |
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(247,500) |
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742,500 |
Customer relationships |
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7 Years |
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2,920,000 |
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(521,428) |
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2,398,572 |
Patents and patent applications |
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(*) |
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650,450 |
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— |
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650,450 |
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$ |
6,080,450 |
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$ |
(958,928) |
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$ |
5,121,522 |
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December 31, 2021 |
Trademarks |
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10 Years |
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$ |
1,520,000 |
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$ |
(114,000) |
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$ |
1,406,000 |
Noncompete agreements |
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5 Years |
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990,000 |
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(148,500) |
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841,500 |
Customer relationships |
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7 Years |
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2,920,000 |
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(312,857) |
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2,607,143 |
Patents and patent applications |
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(*) |
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653,050 |
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— |
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653,050 |
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$ |
6,080,450 |
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$ |
(575,357) |
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$ |
5,507,693 |
| (*) |
Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval. |
Amortization expense was $383,571 and $218,350 for the six months ended June 30, 2022 and 2021, respectively.
Amortization expense was $166,213 and $218,350 for the three months ended June 30, 2022 and 2021, respectively.
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