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Intangible Assets
 6 Months Ended 12 Months Ended
Jul. 31, 2021
Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
INTANGIBLE ASSETS
  6. INTANGIBLE ASSETS

 

As of July 31, 2021, and January 31, 2021, intangible assets consisted of intellectual property, customer base and trademarks, net of amortization, as follows:

 

   July 31,   January 31, 
   2021   2021 
Customer base  $314,100   $314,100 
License agreement   50,000    
-
 
Intellectual property   817,400    817,400 
Total   1,181,500    1,131,500 
Less: Accumulated amortization   (189,679)   (124,770)
           
Net Intangible Assets  $991,821   $1,006,730 

 

In February 2021, the Company acquired an IP license for $50,000, see Note 10- “Rambam Agreement” for further discussion regarding the license agreement. The value of the intangible assets, consisting of intellectual property, license agreement and customer base has been recorded at their fair value by the Company and are being amortized over a period of three to ten years. Amortization expense for the six months ended July 31, 2021, and 2020 was $64,909 and $18,534, respectively.

 

Estimated Amortization:

 

    Total  
Year Ended January 31,      
Remainder of 2022   $ 64,870  
2023     129,776  
2924     129,776  
2025     113,109  
2026 and thereafter     554,290  
    $ 991,821  
6. INTANGIBLE ASSETS AND GOODWILL

 

As of January 31, 2021, and 2020, intangible assets consisted of intellectual property, customer base and trademarks, net of amortization, as follows:

 

   January 31,   January 31, 
   2021   2020 
Customer base  $314,100   $136,500 
Intellectual property and trademarks   817,400    234,200 
           
Total   1,131,500    370,700 
           
Less: Accumulated amortization   (124,770)   (56,000)
           
Net Intangible Assets  $1,006,730   $314,700 

 

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, 2021 and 2020 was $68,770 and $37,070, respectively.

 

Estimated Amortization:

 

   Total 
Year Ended January 31,    
2022  $113,150 
2023   113,150 
2024   113,150 
2025   113,150 
2026 and thereafter   554,130 
   $1,006,730