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Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Intangible Assets [Abstract] |
INTANGIBLE ASSETS | NOTE 7 – INTANGIBLE ASSETS Intangible assets consisted of the following:
March 31, 2025 |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Balance |  |  | Weighted Average Remaining Useful Life |
Licenses |  | $ | 1,185,633 |  |  | $ | 778,051 |  |  | $ | 407,582 |  |  |  | 18.92 |
December 31, 2024 |  | Gross Amount |  |  | Accumulated Amortization |  |  | Net Balance |  |  | Weighted Average Remaining Useful Life |
Licenses |  | $ | 1,185,633 |  |  | $ | 772,664 |  |  | $ | 412,969 |  |  |  | 5.17 |
On January 25, 2025, the Company was granted a new patent titled “Coated Tablets for pH-Dependent Release of Benzgalantamine” from the United States Patent and Trademark Office (USPTO) until 2044. As a result of the granted patent, management reviewed the estimated useful life of the license related to this patent, and determined the remaining useful life should be extended from 5 years to 19 years. Change in Useful Life of Intangible Asset During the three months ended March 31, 2025, the Company completed a review of the estimated useful life of its intangible asset after a patent application, related to the Memogain License, was granted in January 2025. The patent term was extended to February 2044. Management determined that the estimated useful life of the license should be extended for an additional 14 years. Effective January 1, 2025, the Company extended the estimated remaining useful life of the license from 5 years to 19 years. This change in estimated has been applied prospectively in accordance with ASC 250, Accounting Changes and Error Corrections. As a result of this change, amortization expensed decreased by approximately $14,400 for the three months ended March 31, 2025, compared to the prior amortization schedule. Amortization expense for the three months ended March 31, 2025 and 2024, was $5,387 and 20,594, respectively. During the three months ended March 31, 2025, and 2024, the Company reported an impairment of intangible assets of $nil and $39,166, respectively, from the impairment of one license. The following table outlines the estimated future annual amortization expense related to intangible assets as of March 31, 2025:
Year Ending December 31, |  |  |
2025 |  | $ | 16,160 |
2026 |  |  | 21,546 |
2027 |  |  | 21,546 |
2028 |  |  | 21,546 |
Thereafter |  |  | 326,784 |
Total |  | $ | 407,582 |

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