Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets

Intangible Assets

Note 6 – Intangible Assets

Intangible assets are recorded at cost and consist of the license agreement with Duke University and other patents. 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 December 31, 2022 and 2021:

Name	Estimated Life	Balance at December 31, 2021		Additions		Amortization		Balance at December 31, 2022
License agreement	17 Years	$	1,028,114	$	-	$	63,149	$	964,965
Patents	20 Years		34,742		52,292		1,977		85,057
Total		$	1,062,856	$	52,292	$	65,126	$	1,050,022

Name	Estimated Life	Balance at December 31, 2020		Additions		Amortization		Balance at December 31, 2021
License agreement	17 Years	$	-	$	1,073,529	$	45,415	$	1,028,114
Patents	20 Years		-		34,742		-		34,742
Total		$	-	$	1,108,271	$	45,415	$	1,062,856

Amortization expense for the year ended December 31, 2022 and December 31, 2021 was $65,126 and $45,415, respectively.

Estimated future amortization expense as of December 31, 2022:

	December 31,
	2022
2023	$	67,500
2024		67,500
2025		67,500
2026		67,500
2027		67,500
Thereafter		712,522
Intangible assets, Net	$	1,050,022