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Intangible Assets and Goodwill
 12 Months Ended
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