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Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

The Company’s intangible assets consisted of the following:

 

 

 

December 31, 2020

 

 

 

Estimated

Useful Lives

 

Gross

Carrying

Value

 

 

Accumulated

Amortization

 

 

Impairment

 

 

Net Book

Value

 

Internally developed patents

 

6 – 10 years

 

$

884,787

 

 

$

(479,908

)

 

$

 

 

$

404,879

 

Acquired licenses

 

16 – 20 years

 

 

285,000

 

 

 

(285,000

)

 

 

 

 

 

 

Total intangible assets subject to amortization

 

 

 

 

1,169,787

 

 

 

(764,908

)

 

 

 

 

 

404,879

 

IPR&D assets

 

Indefinite

 

 

12,418,967

 

 

 

 

 

 

 

 

 

12,418,967

 

Total

 

 

 

$

13,588,754

 

 

$

(764,908

)

 

$

 

 

$

12,823,846

 

 

 

 

December 31, 2019

 

 

 

Estimated

Useful Lives

 

Gross

Carrying

Value

 

 

Accumulated

Amortization

 

 

Impairment

 

 

Net Book

Value

 

Internally developed patents

 

6 – 10 years

 

$

746,323

 

 

$

(448,874

)

 

$

 

 

$

297,449

 

Acquired licenses

 

16 – 20 years

 

 

285,000

 

 

 

(269,221

)

 

 

 

 

 

15,779

 

Total intangible assets subject to amortization

 

 

 

 

1,031,323

 

 

 

(718,095

)

 

 

 

 

 

313,228

 

IPR&D assets

 

Indefinite

 

 

13,418,967

 

 

 

 

 

 

(1,000,000

)

 

 

12,418,967

 

Total

 

 

 

$

14,450,290

 

 

$

(718,095

)

 

$

(1,000,000

)

 

$

12,732,195

 

Schedule of Future Estimated Amortization Expense

As of December 31, 2020, future estimated amortization expense is as follows:

 

For the Year Ended December 31,

 

 

 

 

2021

 

$

26,561

 

2022

 

 

26,561

 

2023

 

 

26,561

 

2024

 

 

22,655

 

2025

 

 

17,187

 

2026 and thereafter

 

 

285,354

 

Total

 

$

404,879