• Filing Date: 2021-03-31
  • Form Type: 10-K
  • Description: Annual report
v3.21.1
Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets are comprised of the following:

 

        2020     2019  
    Useful Life   Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount     Gross Carrying Amount     Accumulated Amortization     Net Carrying Amount  
Developed technology assets   20 years     $22,260,000     $ -     $ 22,260,000     $ -     $ -     $ -  
Acquired intangibles customer lists, licenses and non-compete agreements   2-10 years     1,259,000       330,000       929,000       1,789,000       1,203,000       586,000  
Acquired intangibles patents and patent rights         500,000       500,000       -       500,000       500,000       -  
Patent application costs   Varied (1)     1,178,000       911,000       267,000       1,178,000       829,000       349,000  
        $ 25,197,000       1,741,000     $  23,456,000       3,467,000       2,532,000       935,000  

 

  (1) Patent application costs are amortized over their expected useful life which is generally the remaining legal life of the patent. As of December 31, 2020, the weighted average remaining useful life of these assets in service was approximately 8.2 years.
Schedule of Estimated Future Amortization of Intangible Assets

Expected amortization for each of the five succeeding fiscal years is as follows:

 

Year   Amount  
2021     1,389,000  
2022     1,243,000  
2023     1,169,000  
2024     1,147,000  
2025     1,161,000