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INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2021

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.