Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 6: Intangible Assets

Intangible assets are comprised of the following:

	December 31,			December 31,
	2020			2019
Acquired research in progress	$	4,016,596		$	4,016,596
Patents		52,045			52,045
Accumulated amortization		(404,298	)		(33,049	)
Intangible assets, net	$	3,664,343		$	4,035,592

The Company expects to recognize amortization expense related to its acquired research in progress and patents according to the following:

Year Ending		Amortization
	December 31, 2021	$	1,006,751
	December 31, 2022		1,006,751
	December 31, 2023		1,006,751
	December 31, 2024		638,105
	December 31, 2025		2,602
	Thereafter		3,383
	Total	$	3,664,343

Amortization expense for the acquired research in progress and patents during the year ended December 31, 2020 and 2019 was $371,248 and $2,602, respectively.

In its merger completed on October 19, 2015, the Company acquired research in progress. The value of the acquired research in progress was based upon several factors including, evaluation of other intangible assets, the purchase price, estimated future cash flows, and the amounts expended on the research to date. The research in progress was the identification and validation of genes to provide pest and disease resistance to plants performed by EG I. With the banana development project contract in place and the expected marketing of our soybean genes in mid-2021, the Company placed this asset in service on August 19, 2020. Additional costs to complete the soybean research are expected to be approximately $65,000, which will be expensed as incurred. The timing and cost of additional research may vary from these estimates as the success of the research is subject to many factors outside of the Company’s control.