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INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 3 – INTANGIBLE ASSETS The Company is a party to a license agreement with the SCTC (as amended) (the “SCTC Agreement”). Pursuant to the SCTC Agreement, the Company obtained, among other things, a worldwide (excluding Asia and Argentina), exclusive, royalty-bearing license from the SCTC to utilize or sublicense a certain method for culturing cells and a worldwide, exclusive, royalty-bearing license from the SCTC to utilize or sublicense a certain medical device patent for the administration of specific cells and/or cell products to the disc and/or spine (and other parts of the body). Pursuant to the license agreement with the SCTC, certain performance milestones (or payouts in lieu of performance milestones) had to be satisfied in order for the Company to maintain its exclusive rights with regard to the disc/spine technology (subject to the SCTC’s compliance with its obligations under the SCTC Agreement). The Company did not timely satisfy the third of these performance milestones (which needed to be satisfied by February 2022). Accordingly, such rights may currently be non-exclusive. The Company and the SCTC are currently negotiating the terms of an agreement confirming the exclusive nature of the license. No assurance can be given in this regard. In February 2017, the Company received authorization from the Food and Drug Administration (the “FDA”) to proceed with a Phase 2 clinical trial. The Company has commenced such clinical trial. In March 2022, a United States patent relating to the Company’s BRTX-100 clinical program was issued. The patent along with the license agreement gave rise to definite lived intangible assets. The below table details the activity related to those intangible assets from January 1, 2021 through September 30, 2022: SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS
|  | Patents and Trademarks |  |  | Licenses |  |  | Accumulated Amortization |  |  | Total |
Balance as of January 1, 2021 |  | $ | 3,676 |  |  | $ | 1,301,500 |  |  | $ | (640,908 | ) |  | $ | 664,268 |
Amortization expense |  |  | - |  |  |  | - |  |  |  | (74,528 | ) |  |  | (74,528 | )
Balance as of December 31, 2021 |  |  | 3,676 |  |  |  | 1,301,500 |  |  |  | (715,436 | ) |  |  | 589,740 |
Amortization expense |  |  | - |  |  |  | - |  |  |  | (59,442 | ) |  |  | (59,442 | )
Balance as of September 30, 2022 |  | $ | 3,676 |  |  | $ | 1,301,500 |  |  | $ | (774,878 | ) |  | $ | 530,298 |
Weighted average remaining amortization period as of September 30, 2022 (in years) |  |  | - |  |  |  | 7.18 |  |  |  |  |  |  |  |  |
Accumulated amortization of intangible assets consists of the following: SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS AMORTIZATION EXPENSES
|  | Patents and Trademarks |  |  | Licenses |  |  | Accumulated Amortization |
Balance as of January 1, 2021 |  | $ | 3,676 |  |  | $ | 637,232 |  |  | $ | 640,908 |
Amortization expense |  |  | - |  |  |  | 74,528 |  |  |  | 74,528 |
Balance as of December 31, 2021 |  |  | 3,676 |  |  |  | 711,760 |  |  |  | 715,436 |
Amortization expense |  |  | - |  |  |  | 59,442 |  |  |  | 59,442 |
Balance as of September 30, 2022 |  | $ | 3,676 |  |  | $ | 771,202 |  |  | $ | 774,878 |

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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 + Details
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