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Intangible Assets

9 Months Ended

Sep. 30, 2023

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 9). Intangible assets are comprised of the following as of September 30, 2023 and December 31, 2022:

Name	Estimated Life	Balance at December 31, 2022		Additions		Amortization		Balance at September 30, 2023
License agreement	17 Years	$	964,965	$	—	$	47,305	$	917,660
Patents	20 Years		85,057		5,724		3,484		87,297
Total		$	1,050,022	$	5,724	$	50,789	$	1,004,957

Name	Estimated Life	Balance at December 31, 2021		Additions		Amortization		Balance at December 31, 2022
License agreement	17 Years	$	1,028,114	$	—	$	63,149	$	964,965
Patents	20 Years		34,742		52,292		1,977		85,057
Total		$	1,062,856	$	52,292	$	65,126	$	1,050,022

Amortization expense for the nine months ended September 30, 2023 and 2022, was $50,789 and $48,678, respectively.

Estimated future amortization expense as of September 30, 2023:

	September 30, 2023
2023	$	17,041
2024		67,933
2025		67,933
2026		67,933
2027		67,933
Thereafter		716,184
Intangible assets, Net	$	1,004,957