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6. INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying values of the Company’s finite-lived intangible assets are as follows:

	Successor							Successor
	As of December 31, 2019							As of December 31, 2018
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization		Net

Product Licenses	$	1,500,000	$	(48,876	)	$	1,451,124		-		-		-
Patent		510,310		(510,310	)		-	$	-	$	-	$	-
Software & Other		64,464		(44,394	)		20,070		-		-		-
Total	$	2,074,774	$	(603,580	)	$	1,471,194	$	-	$	-	$	-

Cash expenditures for intangible assets acquired in 2019 totaled $1,522,485. This included product licenses of $1,000,000 for BIAKŌS™ Antimicrobial Wound Gel and Antimicrobial Skin and Wound Cleanser, and $500,000 for BIAKŌS™ Antimicrobial Barrier Film and Curashield™ No Sting Skin Protectant. The Company amortizes its intangible assets on a straight-line basis over the useful life of the respective assets. Product licenses are amortized over the lives of the related patents. The BIAKŌS™ patents expire in December 2031 and October 2033. Other expenditures in 2019 for intangible assets included $22,485 for website development and computer software. Intangible assets also include a patent acquired in 2009 with a historical cost of $510,310. The patent was amortized over its estimated useful life of 10 years using the straight-line method. Amortization expense related to intangible assets was $90,011, $0 and $43,349 for the year ended December 31, 2019 (Successor), and for the periods August 28, 2018 through September 30, 2018 (Successor) and January 1, 2018 through August 27, 2018 (Predecessor), respectively.

The following table outlines the estimated amortization expense related to intangible assets held at December 31, 2019:

Year Ending December 31,	Amount

2020	$	122,998
2021		122,998
2022		120,583
2023		115,503
2024		115,503
Thereafter		873,609
Total	$	1,471,194