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