INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

The Company’s intangible assets consist of costs incurred in connection with the License Agreement with MGH (See Note 5). The consideration paid for the rights included in the License Agreement was in the form of common stock shares which resulted in MGH receiving approximately 20% of the total outstanding shares of common stock of VI. The estimated value of the common stock is being amortized over the term of the License Agreement which is based on the remaining patent life of the related patents being licensed which is approximately 16 years.

The Company’s intangible assets consisted of the following at March 31, 2022, and December 31, 2021:

	March 31, 2022			December 31, 2021
Licensed patents	$	492,514		$	492,514
Accumulated amortization		(128,816	)		(120,994	)
Balance	$	363,698		$	371,520

The Company recognized $7,822 of amortization expense related to the License Agreement with MGH for the three months ended March 31, 2022, and 2021, which is included in general and administrative expenses on the unaudited condensed consolidated statements of operations.

Future expected amortization of intangible assets is as follows:

Fiscal year ending December 31,
2022 (months remaining)	$	23,477
2023		31,299
2024		31,299
2025		31,299
2026		31,299
Thereafter		215,025
	$	363,698