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INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2021

NOTE 3 – INTANGIBLE ASSETS

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

	June 30, 2021							December 31, 2020
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Product Licenses	$	4,193,879	$	(417,519	)	$	3,776,360	$	3,350,000	$	(264,909	)	$	3,085,091
Patent		510,310		(510,310	)		-		510,310		(510,310	)		-
Software and Other		64,464		(55,637	)		8,827		64,464		(51,889	)		12,575

Total	$	4,768,653	$	(983,466	)	$	3,785,187	$	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 June 30, 2021, the weighted-average amortization period for all intangible assets was 12.4 years. Amortization expense related to intangible assets was $156,358 for the six months ended June 30, 2021 and $94,499 for the six months ended June 30, 2020. The estimated remaining amortization expense as of June 30, 2021 is as follows:

Remainder of 2021	$	172,769
2022		343,123
2023		338,043
2024		338,043
2025		338,043
Thereafter		2,255,166
Total	$	3,785,187

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 June 30, 2021. Accordingly, there was no impairment loss recognized on the Company’s intangible assets during the six months ended June 30, 2021.