Intangible Assets and Liabilities Other Than Goodwill
|6 Months Ended|
Jun. 30, 2021
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Intangible Assets and Liabilities Other Than Goodwill||Intangible Assets and Liabilities Other Than Goodwill
As of June 30, 2021 and December 31, 2020 the Company had the following amounts related to intangible assets and liabilities other than goodwill:
The aggregate amortization expense related to intangible assets and liabilities exclusive of contract related intangibles for the three and six months ended June 30, 2021 and 2020 was $51,187 and $94,077 and $20,312 and $43,128 respectively. The net credit to cost of sales related to the amortization of contract related intangible assets and liabilities for the six months ended June 30, 2021 and 2020 was $79,569 and $158,622 and $95,364 and $203,361, respectively. During the six months
ended June 30, 2021 and 2020, we abandoned certain patent applications amounting to $7,400 and $179,944, respectively, and recorded an abandonment charge in general and administrative expenses in each respective period.
Favorable/Unfavorable Contract Assets and Liabilities
The favorable contract asset and unfavorable contract liability in the foregoing table represent the estimated fair value of American DG Energy's customer contracts (both positive for favorable contracts and negative for unfavorable contracts) which were acquired by us in May 2017.
Amortization of intangibles including contract related amounts is calculated using the straight-line method over the remaining useful life or contract term. Aggregate future amortization over the next five years and thereafter is estimated to be as follows:
The entire disclosure for all or part of the information related to intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef