Quarterly report pursuant to Section 13 or 15(d)

PATENTS

v3.21.1
PATENTS
3 Months Ended
Mar. 31, 2021
PATENTS  
NOTE C - PATENTS

The Company’s intangible assets at March 31, 2021 include patents with estimated remaining economic useful lives ranging from 0.50 to 12.50 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, 2021 and December 31, 2020 were as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Gross carrying amount – patents

 

$

7,856,000

 

 

$

7,848,000

 

Accumulated amortization – patents

 

 

(6,344,000

)

 

 

(6,270,000

)

Patents, net

 

$

1,512,000

 

 

$

1,578,000

 

 

Amortization expense for the three months ended March 31, 2021 and 2020 was $74,000 and $72,000, respectively. Future amortization of intangible assets, net is as follows:

 

Twelve Months Ended March 31,

 

 

2022

 

$

294,000

 

2023

 

 

294,000

 

2024

 

 

230,000

 

2025

 

 

83,000

 

2026 and thereafter

 

 

611,000

 

Total

 

$

1,512,000

 

              

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.