Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The following sets forth the goodwill and intangible assets by major asset class:


		September 30, 2020						December 31, 2019
	Weighted Average Useful Life (Yrs)	Gross		Accumulated Amortization		Net Book Value		Gross		Accumulated Amortization		Net Book Value
Indefinite lived:
Goodwill(a)		$	10,513,371	$	—	$	10,513,371	$	10,513,371	$	—	$	10,513,371
Definite lived:

Licenses	10	1,323,761		(1,269,665)		54,096		1,323,761		(1,248,104)		75,657


Bioject(b)	12	5,100,000		(2,395,556)		2,704,444		5,100,000		(2,175,556)		2,924,444
Other(c)	18	4,050,000		(3,525,000)		525,000		4,050,000		(3,356,250)		693,750
Total intangible assets	11	10,473,761		(7,190,221)		3,283,540		10,473,761		(6,779,910)		3,693,851
Total goodwill and intangible assets		$	20,987,132	$	(7,190,221)	$	13,796,911	$	20,987,132	$	(6,779,910)	$	14,207,222

(a)Goodwill was recorded from the Inovio AS acquisition in January 2005, the acquisition of VGX in June 2009 and the acquisition of Bioject in April 2016 for $3.9 million, $6.2 million and $400,000, respectively.

(b)Bioject intangible assets represent the estimated fair value of developed technology and intellectual property which were recorded from the Bioject asset acquisition.

(c)Other intangible assets represent the estimated fair value of acquired intellectual property from the Inovio AS acquisition.

Aggregate amortization expense on intangible assets for the three and nine months ended September 30, 2020 was $137,000 and $410,000, respectively. Aggregate amortization expense on intangible assets for the three and nine months ended September 30, 2019 was $267,000 and $800,000, respectively. Estimated aggregate amortization expense is $137,000 for the remainder of fiscal year 2020, $520,000 for 2021, $493,000 for 2022, $276,000 for 2023, $253,000 for 2024 and $1.6 million for 2025 and subsequent years combined.