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Intangible Assets

12 Months Ended

Dec. 31, 2023

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