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INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 3 – INTANGIBLE ASSETS The carrying values of the Company’s intangible assets were as follows: SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS
|  | June 30, 2022 |  |  | December 31, 2021 |
|  |  |  |  | Accumulated |  |  |  |  |  |  |  |  | Accumulated |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |  |  | Cost |  |  | Amortization |  |  | Net |
Amortizable Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product Licenses |  | $ | 4,793,879 |  |  | $ | (763,562 | ) |  | $ | 4,030,317 |  |  | $ | 4,193,879 |  |  | $ | (586,541 | ) |  | $ | 3,607,338 |
Patents and Other IP |  |  | 1,610,111 |  |  |  | (784,680 | ) |  |  | 825,431 |  |  |  | 1,610,111 |  |  |  | (551,285 | ) |  |  | 1,058,826 |
Assembled workforces and other |  |  | 3,975,895 |  |  |  | (75,737 | ) |  |  | 3,900,158 |  |  |  | 127,492 |  |  |  | (65,686 | ) |  |  | 61,806 |
Total |  | $ | 10,379,885 |  |  | $ | (1,623,979 | ) |  | $ | 8,755,906 |  |  | $ | 5,931,482 |  |  | $ | (1,203,512 | ) |  | $ | 4,727,970 |
Indefinite-lived Intangible Asset: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-process research and development |  |  | 13,000,000 |  |  |  | - |  |  |  | 13,000,000 |  |  |  | - |  |  |  | - |  |  |  | - |
Total intangible assets |  | $ | 23,379,885 |  |  | $ | (1,623,979 | ) |  | $ | 21,755,906 |  |  | $ | 5,931,482 |  |  | $ | (1,203,512 | ) |  | $ | 4,727,970 |
In March 2021, the Company issued 20,834 shares of its common stock to Rochal Industries, LLC (“Rochal”), a related party, 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. The Company’s Executive Chairman is a director of Rochal, and indirectly a significant shareholder of Rochal, and through the potential exercise of warrants, a majority shareholder of Rochal. Another one of the Company’s directors is also a director and significant shareholder of Rochal. On April 4, 2022, the Company closed a merger transaction with Precision Healing pursuant to which Precision Healing became a wholly owned subsidiary of the Company. As a result of the merger, the Company recorded an intangible asset of approximately $13.0 million for in-process research and development related to a multispectral imager and biomarker assay for assessing patient wound and skin conditions. The Company also recorded an intangible asset of approximately $3.8 million related to Precision Healing’s assembled workforce. See Note 10 for more information regarding the Precision Healing merger. On May 4, 2020, the Company executed a product license agreement with Rochal, pursuant to which the Company acquired an exclusive world-wide license to market, sell and further develop a debrider for human medical use to enhance skin condition or treat or relieve skin disorders, excluding uses primarily for beauty, cosmetic, or toiletry purposes. Pursuant to the agreement, at the time Rochal issues a purchase order to its contract manufacturer for the first good manufacturing practice run of the licensed products, the Company is obligated to pay Rochal $600,000 in cash. This milestone was achieved during the second quarter of 2022 and, as a result, the Company recorded an addition to intangible assets. This payment was made in July 2022, and accordingly, the associated payable was recorded at June 30, 2022. As of June 30, 2022, the weighted-average amortization period for finite-lived intangible assets was 9.8 years. Amortization expense related to intangible assets was $420,467 for the six months ended June 30, 2022 and $156,358 for the six months ended June 30, 2021. The estimated remaining amortization expense as of June 30, 2022 for finite-lived intangible assets is as follows: SCHEDULE OF FUTURE AMORTIZATION EXPENSE
Remainder of 2022 |  | $ | 626,472 |
2023 |  |  | 1,250,279 |
2024 |  |  | 1,250,279 |
2025 |  |  | 1,250,279 |
2026 |  |  | 1,233,023 |
2027 |  |  | 1,233,023 |
Thereafter |  |  | 1,912,551 |
Total |  | $ | 8,755,906 |
The Company has reviewed the carrying value of intangible assets and has determined there was no impairment on the Company’s intangible assets during either of the six months ended June 30, 2022 or 2021.

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