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Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Intangible Assets |
Intangible Assets | Note 5 – Intangible Assets Intangible assets are recorded at cost and consist of the license agreement with Duke University and other patents. The Company issued Duke University a small block 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 December 31, 2023 and 2022:
Name |  | Estimated Life |  | Balance at December 31, 2022 |  |  | Additions |  |  | Amortization |  |  | Balance at December 31, 2023 |
License agreement |  | 17 Years |  | $ | 964,965 |  |  | $ | - |  |  | $ | 63,036 |  |  | $ | 901,929 |
Patents |  | 20 Years |  |  | 85,057 |  |  |  | 5,725 |  |  |  | 4,682 |  |  |  | 86,100 |
Total |  |  |  | $ | 1,050,022 |  |  | $ | 5,725 |  |  | $ | 67,718 |  |  | $ | 988,029 |
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 year ended December 31, 2023 and December 31, 2022 was $67,718 and $65,126, respectively. Estimated future amortization expense as of December 31, 2023:
|  | December 31, |
|  | 2023 |
2024 |  | $ | 67,933 |
2025 |  |  | 67,933 |
2026 |  |  | 67,933 |
2027 |  |  | 67,933 |
2028 |  |  | 67,933 |
Thereafter |  |  | 648,364 |
Intangible assets, net |  | $ | 988,029 |

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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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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