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Intangible Assets and Goodwill | 12 Months Ended
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Jan. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND GOODWILL |
7. | INTANGIBLE ASSETS AND GOODWILL
At January 31, 2019 and 2018, intangible assets consisted of intellectual property and customer base, net of amortization, as follows:
|  | January 31, |  |  |  |  |  | January 31, |
|  | 2019 |  |  | Acquisition |  |  | 2018 |
Customer base |  | $ | 136,500 |  |  | $ | 136,500 |  |  | $ | - |
Intellectual property |  |  | 234,200 |  |  |  | 234,200 |  |  |  | - |
Goodwill |  |  | 1,719,235 |  |  |  | 1,719,235 |  |  |  | - |
Total |  |  | 2,089,935 |  |  |  | 2,089,935 |  |  |  | - |
Less: Accumulated amortization |  |  | (18,930 | ) |  |  | - |  |  |  | - |
Net Intangible Assets |  | $ | 2,071,005 |  |  | $ | 2,089,935 |  |  | $ | - |
The value of the intangible assets, consisting of intellectual property and customer base has been recorded at their fair value by the Company after completing a valuation and are being amortized over a period of ten years. Amortization expense for the year ended January 31, 2019 was $18,930. No value has been given to the potential royalty payable to the former owner since the royalty is contingent upon the Company generating revenue from any source and there is no marketable product and there are material uncertainties, including the need for FDA approval, as to whether or when any revenue will be generated from the intellectual property subject to the royalty. If any royalties are paid to the former owner of 4P Therapeutics, the royalties will be expensed as incurred and treated as an operating expense. Intangible assets consist of:
Intellectual property |  | $ | 234,200 |
Accumulated amortization |  |  | (12,105 | )
Book value at January 31, 2019 |  | $ | 222,095 |
Customer base |  | $ | 136,500 |
Accumulated amortization |  |  | (6,825 | )
Book value at January 31, 2019 |  | $ | 129,675 |
Total Intangible Assets, Net |  | $ | 351,770 |
Estimated Amortization:
|  | Intellectual |  |  | Customer |  |  |  |
|  | Property |  |  | Base |  |  | Total |
Year Ended January 31, |  |  |  |  |  |  |  |  |
2020 |  | $ | 23,420 |  |  | $ | 13,650 |  |  | $ | 37,070 |
2021 |  | $ | 23,420 |  |  | $ | 13,650 |  |  | $ | 37,070 |
2022 |  | $ | 23,420 |  |  | $ | 13,650 |  |  | $ | 37,070 |
2023 |  | $ | 23,420 |  |  | $ | 13,650 |  |  | $ | 37,070 |
2024 and thereafter |  | $ | 128,415 |  |  | $ | 75,075 |  |  | $ | 203,490 |
Total amortization |  | $ | 222,095 |  |  | $ | 129,675 |  |  | $ | 351,770

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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