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4. INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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

	December 31, 2020							December 31, 2019
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Product Licenses	$	3,350,000	$	(264,909	)	$	3,085,091	$	1,500,000	$	(48,876	)	$	1,451,124
Patent		510,310		(510,310	)		-		510,310		(510,310	)		-
Software and Other		64,464		(51,889	)		12,575		64,464		(44,394	)		20,070

Total	$	3,924,774	$	(827,108	)	$	3,097,666	$	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”), a related party, upon FDA clearance of BIAKŌS Antimicrobial Wound Gel pursuant to the terms of the BIAKŌS License Agreement. The milestone payment was recorded as an addition to intangible assets. During the second quarter of 2020, the Company entered into the Debrider License Agreement which required an initial payment of $1,350,000 to Rochal which consisted of $600,000 in cash and $750,000 in the Company’s common stock.

As of December 31, 2020, the weighted-average amortization period for all intangible assets was 12.8 years. Amortization expense related to intangible assets was $223,528 for the twelve months ended December 31, 2020 and $90,011 for the twelve months ended December 31, 2019. The estimated remaining amortization expense as of December 31, 2020 is as follows:

2021	$	258,059
2022		255,645
2023		250,564
2024		250,564
2025		250,564
Thereafter		1,832,270
Total	$	3,097,666

The Company has 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 COVID-19 has created an impairment loss on the Company’s intangible assets as of December 31, 2020. Accordingly, there was no impairment loss recognized on the Company’s intangible assets during the twelve months ended December 31, 2020.