XML 52 R26.htm IDEA: XBRL DOCUMENT v3.22.4
INTANGIBLE ASSETS (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
SCHEDULE OF INTANGIBLE ASSETS AMORTIZATION EXPENSE

 

   September 30, 2022   December 31, 2021 
    Gross Carrying Amount    Accumulated Amortization    Net Carrying Amount    Gross Carrying Amount    Accumulated Amortization    Net Carrying Amount 
Krillase intangible assets  $28,600,000   $-   $28,600,000   $28,600,000   $-   $28,600,000 
Patents in process   122,745    -    122,745    122,745    -    122,745 
DuraGraft patent   5,256,000    (875,999)   4,380,001    5,256,000    (572,768)   4,683,232 
DuraGraft - Distributor relationship   308,000    (66,733)   241,267    308,000    (43,633)   264,367 
DuraGraft IPR&D - Cyto Protectant Life Sciences   12,606,000    -    12,606,000    12,606,000    -    12,606,000 
My Health Logic - Trade name   450,000    (24,911)   425,089    450,000    (804)   449,196 
My Health Logic - Biotechnology   4,600,000    (209,706)   4,390,294    4,600,000    (6,765)   4,593,235 
My Health Logic - Software   1,550,000    (80,083)   1,469,917    1,550,000    (2,583)   1,547,417 
Total intangibles  $53,492,745   $(1,257,432)  $52,235,313   $53,492,745   $(626,553)  $52,866,192 

As part of My Health Logic acquisition (Note 2), Marizyme purchased MHL’s lab-on-chip technology platform and its patient-centric, digital point-of-care screening device, MATLOC 1, fair valued at an aggregate amount of $6,600,000.

 

Intangible Assets  December 31, 2021   December 31, 2020 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
Krillase intangible assets  $28,600,000   $-   $28,600,000   $28,600,000   $-   $28,600,000 
Patents in process   122,745    -    122,745    119,971    -    119,971 
DuraGraft patent   5,256,000    (572,768)   4,683,232    14,147,729    (589,489)   13,558,240 
DuraGraft - Distributor relationship   308,000    (43,633)   264,367    -    -    - 
DuraGraft IPR&D - Cyto Protectant Life Sciences   12,606,000    -    12,606,000    -    -    - 
My Health Logic - Trade name   450,000    (804)   449,196    -    -    - 
My Health Logic - Biotechnology   4,600,000    (6,765)   4,593,235    -    -    - 
My Health Logic - Software   1,550,000    (2,583)   1,547,417    -    -    - 
Total intangible assets  $53,492,745   $(626,553)  $52,866,192   $42,867,700   $(589,489)  $42,278,211 
SCHEDULE OF GOODWILL

 

                
Goodwill   DuraGraft    My Health Logic    Total 
Balance, December 31, 2020  $-   $-   $- 
Additions on acquisitions   5,416,000    1,774,656    7,190,656 
Impairment        -    - 
Balance, December 31, 2021 and September 30, 2022  $5,416,000   $1,774,656   $7,190,656 

 

            
             
Goodwill  DuraGraft   My Health Logic   Total 
Balance, December 31, 2020  $-   $-   $- 
Additions on acquisitions   5,416,000    1,774,656    7,190,656 
Impairment   -    -    - 
Balance, December 31, 2021  $5,416,000   $1,774,656   $7,190,656 
SCHEDULE OF INTANGIBLE ASSETS

The following changes to the Company’s intangible assets had taken place in the periods indicated:

 

Balance, December 31, 2020  $42,278,211 
Acquired in Somah Transaction   4,022,271 
Acquired in My Health Logic Transaction   6,600,000 
Additions   2,775 
Amortization expense   (37,065)
Balance, December 31, 2021  $52,866,192 
Amortization expense   (630,879)
Balance, September 30, 2022  $52,235,313 

The following changes to the Company’s intangible assets had taken place in the periods indicated:

 

Balance, December 31, 2019  $28,613,000 
Acquired in asset purchase agreement   14,147,729 
Additions   106,971 
Amortization expense   (589,489)
Balance, December 31, 2020  $42,278,211 
Acquired in Somah Transaction1   4,022,271 
Acquired in MHL Transaction   6,600,000 
Additions   2,775 
Amortization expense1   (37,065)
Balance, December 31, 2021  $52,866,192 

 

1 To account for Somah Transaction measurement period adjustments, the Company restated the Quarterly Report on Form 10-Q for the three and six month ended June 30, 2021, originally filed on August 23, 2021. As a result of the restatement, the value of DuraGraft intangibles purchased with the Somah Transaction increased by $4,022,271 and related overestimated amortization of the intangibles decreased by $898,026 for the year ended December 31, 2021.