Quarterly report pursuant to Section 13 or 15(d)

PATENTS

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PATENTS
3 Months Ended
Mar. 31, 2020
PATENTS  
NOTE C - PATENTS

The Company’s intangible assets at March 31, 2020 include patents with estimated remaining economic useful lives ranging from 1.50 to 13.5 years. For all periods presented, all of the Company’s patents were subject to amortization. The gross carrying amounts and accumulated amortization related to acquired intangible assets as of March 31, 2020 and December 31, 2019 were as follows:

 

  March 31, 2020     December 31, 2019  
Gross carrying amount – patents   $ 7,805,000     $ 7,797,000  
Accumulated amortization – patents     (6,050,000 )     (5,978,000 )
Patents, net   $ 1,755,000     $ 1,819,000  

Amortization expense for the three months ended March 31, 2020 and March 31, 2019 was $72,000 and $54,000, respectively. Future amortization of intangible assets, net is as follows:

Twelve Months Ended March 31,  
  2021     $ 290,000  
  2022       290,000  
  2023       290,000  
  2024       150,000  
  2025 and thereafter       735,000  
  Total     $ 1,755,000  

The Company’s Remote Power Patent expired on March 7, 2020. All of the patents within the Company’s Mirror Worlds Patent Portfolio have expired. The expiration dates of the patents within the Cox Patent Portfolio range from September 2021 to November 2023. The expiration dates of patents within the Company’s M2M/IoT Patent Portfolio range from September 2033 to May 2034.