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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

 

The carrying values of the Company’s intangible assets were as follows for the periods presented:

 

   December 31, 2022   December 31, 2021 
       Accumulated           Accumulated     
   Cost   Amortization   Net   Cost   Amortization   Net 
Amortizable Intangible Assets:                              
Product Licenses  $4,793,879   $(980,583)  $3,813,296   $4,193,879   $(586,541)  $3,607,338 
Patents and Other IP   21,935,580    (1,492,057)   20,443,523    1,610,111    (551,285)   1,058,826 
Customer relationships and other   7,947,332    (694,171)   7,253,161    127,492    (65,686)   61,806 
                               
Total  $34,676,791   $(3,166,811)  $31,509,980   $5,931,482   $(1,203,512)  $4,727,970 

 

In March 2021, the Company issued 20,834 shares of its common stock to 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 December 31, 2022, the weighted-average amortization period for finite-lived intangible assets was 14.3 years. Amortization expense related to intangible assets was $1,963,299 and $376,404 for the year ended December 31, 2022 and 2021, respectively. The estimated remaining amortization expense as of December 31, 2022 for finite-lived intangible assets is as follows:

 

      
2023  $2,780,806 
2024   2,780,806 
2025   2,780,806 
2026   2,763,550 
2027   2,649,698 
Thereafter   17,754,314 
Total  $31,509,980 

 

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment during either of the years ended December 31, 2022 or 2021.