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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2021
INTANGIBLE ASSETS |
NOTE 3 - INTANGIBLE ASSETS | NOTE 3 – INTANGIBLE ASSETS The carrying values of the Company’s finite-lived intangible assets were as follows:
|  | September 30, 2021 |  |  | December 31, 2020 |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  | Accumulated |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |  |  | Cost |  |  | Amortization |  |  | Net |
Product Licenses |  | $ | 4,193,879 |  |  | $ | (502,030 | ) |  | $ | 3,691,849 |  |  | $ | 3,350,000 |  |  | $ | (264,909 | ) |  | $ | 3,085,091 |
Patents and Other IP |  |  | 1,610,111 |  |  |  | (532,936 | ) |  |  | 1,077,175 |  |  |  | 510,310 |  |  |  | (510,310 | ) |  |  | - |
Software and Other |  |  | 127,492 |  |  |  | (60,662 | ) |  |  | 66,830 |  |  |  | 64,464 |  |  |  | (51,889 | ) |  |  | 12,575 |
Total |  | $ | 5,931,482 |  |  | $ | (1,095,628 | ) |  | $ | 4,835,854 |  |  | $ | 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 September 30, 2021, the weighted-average amortization period for all intangible assets was 12.3 years. Amortization expense related to intangible assets was $268,520 for the nine months ended September 30, 2021 and $159,013 for the nine months ended September 30, 2020. The estimated remaining amortization expense as of September 30, 2021 is as follows:
Remainder of 2021 |  | $ | 112,163 |
2022 |  |  | 446,236 |
2023 |  |  | 441,156 |
2024 |  |  | 441,156 |
2025 |  |  | 441,156 |
Thereafter |  |  | 2,953,987 |
Total |  | $ | 4,835,854 |
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 or any other matters have created an impairment loss on the Company’s intangible assets as of September 30, 2021. Accordingly, there was no impairment loss recognized on the Company’s intangible assets during the nine months ended September 30, 2021.

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- 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
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