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Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets and Goodwill
Intangible assets and Goodwill consisted of the following at December 31, 2021 and 2020.
20212020
Product and license rights$38,543,542 $38,543,542 
Less: accumulated amortization(18,015,112)(14,709,824)
Total product and license rights20,528,430 23,833,718 
Patents10,478,930 10,306,922 
Less: accumulated amortization(7,333,251)(6,312,460)
Total patents3,145,679 3,994,462 
Trademarks373,462 338,011 
Less: accumulated amortization(93,096)(47,875)
Total trademarks280,366 290,136 
Total intangible assets$23,954,475 $28,118,316 
Goodwill$882,000 $882,000 
Product and license rights include assets associated with the Company's acquired products, including those discussed in Note 3, RediTrex and Vibativ. In November 2016, the Company acquired the U.S. rights to Nordic Group B.V.’s injectable methotrexate product line as an asset purchase. The agreement requires the Company to provide unvested restricted shares of Cumberland common stock and make a series of payments tied to the products’ FDA approval, launch and achievement of certain sales milestones. The payments are being treated as consideration for the assets acquired and are being capitalized and amortized over the expected useful life of the acquired asset. To date, the intangible assets related to the product include the $100,000 deposit paid at closing, the 180,000 restricted shares valued at $0.9 million that vested upon the November 2019 FDA approval, the additional $1.0 million paid to Nordic during 2020 based on the 2019 FDA approval and the $1.0 million owed to Nordic based on the 2020 product launch.
As discussed in Note 3, during November 2018, the Company acquired Vibativ from Theravance. This resulted in amortizable intangible assets related to the product rights of $11.8 million and goodwill of $0.9 million. The intangible assets are being amortized through November 2028, the expected useful life of the acquired asset.
During 2021 and 2020, the Company recorded an additional $0.2 million and $0.5 million, respectively, in intangible assets for patents, trademarks and capitalized patent costs, including amounts incurred in the protection of the Company's intellectual property. These costs will be amortized over the remaining expected useful life of the associated patents.
Amortization expense related to product and license rights, trademarks and patents were as follows for the years ended December 31
202120202019
Amortization expense$4,371,300 $4,434,120 $4,134,557 
The expected amortization expense for the Company's current balance of intangible assets are as follows:
Year ending December 31:
2022$3,736,647 
20233,674,355 
20243,652,566 
20253,637,002 
2026 and thereafter9,253,905 
$23,954,475