Quarterly report pursuant to Section 13 or 15(d)

PATENTS

v3.20.2
PATENTS
9 Months Ended
Sep. 30, 2020
PATENTS  
NOTE C - PATENTS

The Company’s intangible assets at September 30, 2020 include patents with estimated remaining economic useful lives ranging from 1.00 to 13.00 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 September 30, 2020 and December 31, 2019 were as follows:

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Gross carrying amount – patents

 

$ 7,847,000

 

 

$ 7,797,000

 

Accumulated amortization – patents

 

 

(6,194,000 )

 

 

(5,978,000 )

Patents, net

 

$ 1,653,000

 

 

$ 1,819,000

 

 

Amortization expense for the three months ended September 30, 2020 and September 30, 2019 was $72,000 and $71,000, respectively. Amortization expense for the nine months ended September 30, 2020 and September 30, 2019, was $216,000 and $212,000, respectively. Future amortization of intangible assets, net is as follows:

 

Twelve Months Ended September 30,

 

2021

 

$ 293,000

 

2022

 

 

293,000

 

2023

 

 

282,000

 

2024

 

 

83,000

 

2025 and thereafter

 

 

702,000

 

Total

 

$ 1,653,000

 

 

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.