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Intangible Assets
 6 Months Ended
Jun. 30, 2021
Intangible Assets  
Intangible Assets

 Note 5 – Intangible Assets

 

Intangible assets are recorded at cost and consist of the license agreement with Duke University. The Company issued Duke University a small block of shares of common stock estimated to have a fair value of $1,073,369 as consideration for granting the Company the license based on the Company’s common stock market price on the date the license agreement was executed (see Note 8). Intangible assets are comprised of the following as of June 30, 2021, and December 31, 2020:

                             
Name  Estimated Life  Balance at December 31,2020  Additions   Amortization  Impairment  Balance at June 30, 2021
License agreement  17 Years  $—   $1,073,369    $—   $—   $ 1,073,369
Total     $—   $1,073,369    $—   $—   $ 1,073,369

  

Amortization expense for the three and six months ended June 30, 2021, was insignificant.

 

Estimated future amortization expense as of June 30, 2021:

 

      
   June 30,
  2021
2021 (Remaining 6 months)   $31,570 
2022    63,139 
2023    63,139 
2024    63,139 
2025    63,139 
Thereafter    789,242 
Intangible assets, Net   $1,073,369