Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

v3.23.3
Intangible Assets, Net
9 Months Ended
Sep. 30, 2023
Intangible Assets, Net [Abstract]  
Intangible Assets, Net

Note 6 – Intangible Assets, Net

 

Intangible assets, net, consists of the following (in thousands):

 

 

 

    September 30,     December 31,  
    2023     2022  
             
Patents   $ 1,800     $ 1,800  
Research license     375       375  
Customer relationships     200      
-
 
Total     2,375       2,175  

Less: accumulated amortization

    (742 )     (577 )
Intangible assets, net   $ 1,633     $ 1,598  

 

The following table represents the total estimated amortization of intangible assets for the five succeeding years and thereafter as of September 30, 2023 (in thousands):

 

    Estimated
Amortization
Expense
 
       
Nine months ended December 31, 2023   $ 66  
Year ended December 31, 2024     235  
Year ended December 31, 2025     234  
Year ended December 31, 2026     197  
Year ended December 31, 2027 and thereafter     901  
Total   $ 1,633  

 

For the three months ended September 30, 2023 and 2022, amortization expense was approximately $0.1 million and $0.1 million, respectively. For the nine months ended September 30, 2023 and 2022, amortization expense was approximately $0.2 million and $0.2 million, respectively.