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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 9 - INTANGIBLE ASSETS On January 24, 2020 and April 8, 2020, the Company foreclosed on two separate note receivables with RBC Life Sciences, Inc. during which the Company acquired $637,000 of intangible assets as settlement of the amounts owed. These assets are being amortized over their useful lives. On August 21, 2020, the Company completed its acquisition of Impact BioMedical, (see Note 7) during which the Company, based on valuations performed, acquired $22,260,000 of developed technology assets. These assets were placed in service on January 1, 2021 and will be amortized over a 20-year useful life when placed in service. On June 18, 2021, AMRE Shelton financed the purchase of a 40,000 square foot, 2.0 story, Class A+ multi-tenant medical office building located on a 13.62-acre site in Shelton, Connecticut. Include in the value of the property is $585,000 of intangible assets with an estimated useful life of 3 years. On November 4, 2021, AMRE LifeCare acquired three medical facilities located in Fort Worth, Texas, Plano, Texas, and Pittsburgh, Pennsylvania. Include in the value of the property is $15,901,000 of intangible assets with estimated useful lives ranging from 1 to 11 years. On December 21, 2021, AMRE Winter Haven, LLC. (“AMRE Winter Haven”), a subsidiary of AMRE, acquired a medical facility located in Winter Haven, Florida. Include in the value of the property is $29,000 of intangible assets with an estimated useful life of approximating 5 years. Intangible assets are comprised of the following: SCHEDULE OF INTANGIBLE ASSETS
|  |  |  | 2021 |  |  | 2020 |
|  | Useful Life |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Developed technology assets |  | 20 years |  | $ | 22,260,000 |  |  | $ | 1,113,000 |  |  | $ | 21,147,000 |  |  | $ | 22,260,000 |  |  | $ | - |  |  | $ | 22,260,000 |
Acquired intangibles customer lists, licenses, site/tenant improvements, in-place and favorable or unfavorable leases |  | 1-11 years |  |  | 19,529,000 |  |  |  | 2,162,000 |  |  |  | 17,367,000 |  |  |  | 1,259,000 |  |  |  | 330,000 |  |  |  | 929,000 |
Acquired intangibles patents and patent rights |  |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | - |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | - |
Patent application costs |  | Varied | (1) |  | 1,052,000 |  |  |  | 936,000 |  |  |  | 116,000 |  |  |  | 1,178,000 |  |  |  | 911,000 |  |  |  | 267,000 |
|  |  |  | $ | 43,341,000 |  |  | $ | 4,711,000 |  |  | $ | 38,630,000 |  |  | $ | 25,197,000 |  |  | $ | 1,741,000 |  |  | $ | 23,456,000 |
| (1) | Patent application costs are amortized over their expected useful life which is generally the remaining legal life of the patent. As of December 31, 2021, the weighted average remaining useful life of these assets in service was approximately 3.6 years.
Amounts amortized for the year ended December 31, 2021 and 2020 was approximately $3,279,000 and $374,000, respectively. Expected amortization for each of the five succeeding fiscal years is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION OF INTANGIBLE ASSETS
Year |  | Amount |
2022 |  |  | 8,237,000 |
2023 |  |  | 2,686,000 |
2024 |  |  | 2,142,000 |
2025 |  |  | 2,471,000 |
2026 |  |  | 2,021,000 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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