XML 18 R9.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

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, 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) and a worldwide (excluding Asia and Argentina), exclusive, royalty-bearing license to utilize or sublicense a certain method for culturing cells. 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. The Company did not timely satisfy the third of these performance milestones (which needed to be satisfied by February 2022). Accordingly, such rights became non-exclusive. However, in November 2022, the Company entered into an amended agreement under which it paid $175,000 and issued 51,370 warrants, with a fair value of $117,030, in exchange for renewed exclusivity. The consideration transferred to the SCTC in exchange for exclusivity was capitalized to intangible assets on the Company’s consolidated balance sheet as of December 31, 2022.

In February 2017, the Company received authorization from the Food and Drug Administration (the “FDA”) to proceed with a Phase 2 clinical trial. In March 2022, the United States Patent and Trademark Office issued a patent relating to the Company’s BRTX-100 clinical program.

Intangible assets consist of the following:

SCHEDULE OF INTANGIBLE ASSETS

	Patents and Trademarks		Licenses		Accumulated Amortization			Total
Balance as of January 1, 2023	$	3,676	$	1,593,530	$	(793,768	)	$	803,438
Amortization expense		-		-		(22,436	)		(22,436	)
Balance as of March 31, 2023	$	3,676	$	1,593,530	$	(816,204	)	$	781,002
Weighted average remaining amortization period as of March 31, 2023		-		11

Accumulated amortization of intangible assets consists of the following:

Patents and Trademarks Licenses Accumulated Amortization

Balance as of January 1, 2023 $ 3,676 $ 790,092 $ 793,768

Amortization expense - 22,436 22,436

Balance as of March 31, 2023 $ 3,676 $ 812,528 $ 816,204