Quarterly report pursuant to Section 13 or 15(d)

PATENTS

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PATENTS
6 Months Ended
Jun. 30, 2024
Patents  
PATENTS

NOTE C – PATENTS

 

The Company’s intangible assets at June 30, 2024, include patents with estimated remaining economic useful lives ranging from 9 to 15 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 June 30, 2024 and December 31, 2023 were as follows:

               
    June 30,
2024
    December 31,
2023
 
Gross carrying amount – patents   $ 8,473,000     $ 8,473,000  
Accumulated amortization – patents     (7,207,000 )     (7,147,000 )
Patents, net   $ 1,266,000     $ 1,326,000  

 

Amortization expense for the three months ended June 30, 2024 and 2023 was $30,000 and $82,000, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $60,000 and $165,000, respectively. Future amortization of intangible assets for the next five years and thereafter is as follows:

         
  For the Years Ended December 31,  
  2024 – remaining     $ 60,000  
  2025       120,000  
  2026       120,000  
  2027       119,000  
  2028       116,000  
  Thereafter       731,000  
  Total     $ 1,266,000  
             

 

The expiration dates of patents within the Company’s M2M/IoT Patent Portfolio range from September 2033 to May 2034. The expiration dates within the Company’s HFT Patent Portfolio range from October 2039 to November 2039. All of the patents within the Company’s Mirror Worlds Patent Portfolio, Cox Patent Portfolio and the Remote Power Patent have expired.