Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets and Goodwill

v3.25.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2024
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 – INTANGIBLE ASSETS AND GOODWILL

 

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

 

    December 31, 2024     December 31, 2023  
    Gross Carrying Amount     Accumulated Amortization     Net     Gross Carrying Amount     Accumulated Amortization     Net  
In-process research and development   $ 2,900,000     $
-
     $ 2,900,000     $ 2,900,000     $
-
     $ 2,900,000  
Patents and intellectual property     5,671,478       (1,260,328 )     4,411,150       5,671,478       (630,164 )     5,041,314  
Intangible assets, net   $ 8,571,478     $ (1,260,328 )   $ 7,311,150     $ 8,571,478     $ (630,164 )   $ 7,941,314  

 

As of December 31, 2024, future expected amortization expense of Intangible assets was as follows:

 

2025     630,164  
2026     630,164  
2027     630,164  
2028     630,164  
2029     630,164  
Thereafter     1,260,329  
Remaining future amortization expense   $ 4,411,150  

 

There were no changes to goodwill for the year ended December 31, 2024 and 2023, respectively.