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Intangible Assets

9 Months Ended

Sep. 30, 2022

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 number of shares of common stock estimated to have a fair value of $1,073,529 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 September 30, 2022 and December 31, 2021:

Name		Estimated Life		Balance at December 31, 2021				Additions				Amortization				Balance at September 30, 2022
License agreement		17 Years		$	1,028,114			$	—			$	47,361			$	980,753
Patents		20 Years			34,742				1,745				1,317				35,170
Total				$	1,062,856			$	1,745			$	48,678			$	1,015,923

Amortization expense for the nine months ended September 30, 2022 and 2021, was $48,678 and $15,787, respectively.

Estimated future amortization expense as of September 30, 2022:

		September 30,
		2022
2022 (Remaining 3 months)		$	16,243
2023			64,973
2024			64,973
2025			64,973
2026			64,973
Thereafter			739,788
Intangible assets, Net		$	1,015,923

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- References

No definition available.

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-URI https://asc.fasb.org/subtopic&trid=2144471

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