INTANGIBLE ASSETS, NET
|9 Months Ended|
Sep. 30, 2021
|Goodwill and Intangible Assets Disclosure [Abstract]|
|INTANGIBLE ASSETS, NET||INTANGIBLE ASSETS, NET
Intangible assets include patent filing costs and other assets (domain name and other intangibles purchased from GVR, including customer relationships, technology and a trademark). Some of the patents were acquired from Superconductor Technologies Inc. as a result of an asset contribution and were recorded at their carryover basis of $216,000 and are being amortized over the remaining useful life of less than 2 years as of September 30, 2021. Intangibles acquired as part of the purchase of GVR were initially recorded at their fair value and have been fully amortized. Patent filing costs related to issued patents are amortized over the estimated life of the patent, 12 to 20 years, once they are approved by their respective regulatory agency. The domain name is being amortized over the approximate useful life of 10 years.
Intangible assets, net, consists of the following as of September 30, 2021 and December 31, 2020 (in thousands):
(1) Includes the impact of foreign currency translation. The total impact at September 30, 2021 and December 31, 2020 was zero and $17,000, respectively.
During the three and nine months ended September 30, 2021, we wrote off $48,000 and $61,000, respectively, of patents we abandoned. During the three and nine months ended September 30, 2020, we wrote off $39,000 and $47,000, respectively, of patents we abandoned. The write-offs are included in research and development expense.
Amortization of intangible assets was $18,000 and $60,000 for the three and nine months ended September 30, 2021, respectively. Amortization of intangible assets was $24,000 and $72,000 for the three and nine months ended
September 30, 2020, respectively. The following table summarizes the estimated remaining amortization expense relating to the intangible assets as of September 30, 2021 (in thousands):
No definition available.
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef