Intangible Assets

3 Months Ended

Mar. 31, 2022

Intangible Assets

Intangible Assets

Note 5 – Intangible Assets

Intangible assets are recorded at cost and consist of the license agreement with Duke University. The Company issued Duke University a small block of shares of common stock estimated to have a fair value of $1,073,529 as consideration for granting the Company the license based on the Company’s common stock market price on the date the license agreement was executed (see Note 8). Intangible assets are comprised of the following as of March 31, 2022 and December 31, 2021:

Name	Estimated Life	Balance at December 31, 2021		Additions		Amortization		Balance at March 31, 2022
License agreement	17 Years	$	1,028,114	$	—	$	15,787	$	1,012,327
Patents	20 Years		34,742		—		436		34,306
Total		$	1,062,856	$	—	$	16,223	$	1,046,633

Depreciation and Amortization expense for the three months ended March 31, 2022, was $16,458.

Estimated future amortization expense as of March 31, 2022:

	March 31,
	2022
2022 (Remaining 9 months)	$	48,663
2023		64,884
2024		64,884
2025		64,884
2026		64,884
Thereafter		738,434
Intangible assets, Net	$	1,046,633