Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.21.2
Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8 — INTANGIBLE ASSETS


Intangible assets consist of the following as of December 31, 2020 and 2019:


    Remaining Amortization Period In Years at     As of December 31, 2020     As of December 31, 2019  
   

December 31,
2020

    

Gross Asset Value

     Accumulated Amortization    

Net Carrying Value

    

Gross Asset Value

     Accumulated Amortization    

Net Carrying Value

  
Licensed patents     15.6     $ 592,608     $ (76,766 )   $ 515,842     $ 583,145     $ (43,314 )   $ 539,831  
Technology license     18.5       1,652,469       (120,493 )   $ 1,531,976       1,619,107       (37,104 )     1,582,003  
            $ 2,245,077     $ (197,259 )   $ 2,047,818     $ 2,202,252     $ (80,418 )   $ 2,121,834  

Changes in the gross asset value of licensed patents and technology licenses from the dates acquired are the result of changes in the foreign currency exchange rate.


The Company recorded amortization expense of $116,841 and $62,589 during the years ended December 31, 2020 and 2019, respectively, related to intangible assets, which is included in general and administrative expense on the accompanying consolidated statements of operations and comprehensive loss.


Future amortization related to intangible assets is as follows:


For the Years Ending December 31,      
2021   $ 113,994  
2022     113,994  
2023     113,994  
2024     113,994  
2025     113,994  
Thereafter     1,477,848  
    $ 2,047,818