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INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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:

	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:

	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