Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.22.1
Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

Intangible assets consist of the following as of December 31, 2021 and 2020:

 

          As of December 31, 2021     As of December 31, 2020  
    Remaining
Amortization Period
in Years at
December 31, 2021		     Gross Asset
Value		     Accumulated
Amortization		     Net Carrying
Value		     Gross Asset
Value		     Accumulated
Amortization		     Net Carrying
Value		  
Licensed patents     14.6     $ 603,919     $ (110,759 )   $ 493,160     $ 592,608     $ (76,766 )   $ 515,842  
Technology license     17.5       1,658,550       (202,797 )     1,455,753       1,652,469       (120,493 )     1,531,976  
            $ 2,262,469     $ (313,556 )   $ 1,948,913     $ 2,245,077     $ (197,259 )   $ 2,047,818  

 

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 $116,297 and $116,841 during the years ended December 31, 2021 and 2020, 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,      
2022   $ 114,800  
2023     114,800  
2024     114,800  
2025     114,800  
2026     114,800  
Thereafter     1,374,913  
    $ 1,948,913