XML 61 R14.htm IDEA: XBRL DOCUMENT
v3.20.1

8. INTANGIBLE ASSETS | 3 Months Ended
--- | ---
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | The carrying values of the Company’s finite-lived intangible assets are as follows:
|  | March 31, 2020 |  |  | December 31, 2019 |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  | Accumulated |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |  |  | Cost |  |  | Amortization |  |  | Net |
Patent |  | $ | 510,310 |  |  | $ | (510,310 | ) |  | $ | - |  |  | $ | 510,310 |  |  | $ | (510,310 | ) |  | $ | - |
License |  |  | 2,000,000 |  |  |  | (84,744 | ) |  |  | 1,915,256 |  |  |  | 1,500,000 |  |  |  | (48,876 | ) |  |  | 1,451,124 |
Software and Other |  |  | 64,464 |  |  |  | (46,268 | ) |  |  | 18,196 |  |  |  | 64,464 |  |  |  | (44,394 | ) |  |  | 20,070 |
Total |  | $ | 2,574,774 |  |  | $ | (641,322 | ) |  | $ | 1,933,452 |  |  | $ | 2,074,774 |  |  | $ | (603,580 | ) |  | $ | 1,471,194 |
During the first quarter of 2020, the Company paid a $500,000 milestone payment to Rochal Industries, LLC (“Rochal”) upon FDA clearance of BIAKŌS™ Antimicrobial Wound Gel pursuant to the terms of the July 8, 2019 license agreement with Rochal. The milestone payment was recorded as an addition to intangible assets. As of March 31, 2020, the weighted-average amortization period for all intangible assets is 12.0 years. Amortization expense related to intangible assets was $37,742 for the three months ended March 31, 2020 and $2,709 for the three months ended March 31, 2019. The estimated remaining amortization expense as of March 31, 2020 is as follows:
Remainder of 2020 |  | $ | 123,717 |
2021 |  |  | 164,956 |
2022 |  |  | 162,541 |
2023 |  |  | 157,461 |
2024 |  |  | 157,461 |
Thereafter |  |  | 1,167,316 |
Total |  | $ | 1,933,452 |
During the first quarter of 2020, the Company reviewed the carrying value of intangible assets due to the events and circumstances surrounding the COVID-19 pandemic. The Company does not believe the impact of the COVID-19 has created an impairment loss on the Company’s intangible assets. Accordingly, no there was no impairment loss recognized on the Company’s intangible assets during the three months ended March 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration