Intangible Assets

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021:

Name	Estimated Life	Balance at December 31, 2021		Additions		Amortization		Balance at June 30, 2022
License agreement	17 Years	$	1,028,114	$	—	$	31,574	$	996,540
Patents	20 Years		34,742		487		872		34,357
Total		$	1,062,856	$	487	$	32,446	$	1,030,897

Depreciation and Amortization expense for the six months ended June 30, 2022, was $33,174.

Estimated future amortization expense as of June 30, 2022:

	March 31,
	2022
2022 (Remaining 6 months)	$	32,456
2023		64,913
2024		64,913
2025		64,913
2026		64,913
Thereafter		738,789
Intangible assets, Net	$	1,030,897