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3. INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

	March 31, 2021							December 31, 2020
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Product Licenses	$	4,100,000	$	(336,138	)	$	3,763,862	$	3,350,000	$	(264,909	)	$	3,085,091
Patent		510,310		(510,310	)		-		510,310		(510,310	)		-
Software and Other		64,464		(53,763	)		10,701		64,464		(51,889	)		12,575

Total	$	4,674,774	$	(900,211	)	$	3,774,563	$	3,924,774	$	(827,108	)	$	3,097,666

In March 2021, the Company issued 20,834 shares of its common stock to Rochal Industries, LLC (“Rochal”) for a $750,000 milestone payment required per the terms of a licensing agreement with Rochal. The payment became due upon the Company’s public offering of common stock in February 2021. The milestone payment was recorded as an addition to intangible assets.

As of March 31, 2021, the weighted-average amortization period for all intangible assets was 12.5 years. Amortization expense related to intangible assets was $73,103 for the three months ended March 31, 2021 and $37,743 for the three months ended March 31, 2020. The estimated remaining amortization expense as of March 31, 2021 was as follows:

Remainder of 2021	$	245,071
2022		324,347
2023		319,267
2024		319,267
2025		319,267
Thereafter		2,247,344
Total	$	3,774,563

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 March 31, 2021. Accordingly, there was no impairment loss recognized on the Company’s intangible assets during the three months ended March 31, 2021.