Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 5 – INTANGIBLE ASSETS

The Company’s intangible assets consist of costs incurred in connection with the License Agreement with MGH, as amended (See Note 7). The consideration paid for the rights included in the License Agreement was in the form of common stock shares. The estimated value of the common stock is being amortized over the term of the License Agreement which is based on the remaining life of the related patents being licensed which is approximately 16 years.

The Company’s intangible assets consisted of the following at December 31, 2020, and 2019:

	December 31, 2020			December 31, 2019
Licensed patents	$	492,514		$	492,514
Accumulated Amortization		(89,665	)		(58,241	)
Balance	$	402,849		$	434,273

The Company recognized $31,424 and $31,299 of amortization expense for the years ended December 31, 2020, and 2019, respectively, which is included in general and administrative expenses on the statement of operations.

Future expected amortization of intangible assets is as follows:

Fiscal year ending December 31,
2021	$	31,299
2022		31,299
2023		31,299
2024		31,299
2025		31,299
Thereafter		246,354
	$	402,849