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INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 5 - 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. 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, the Company and the SCTC entered into an amended agreement under which the Company 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 February 2022, the Company announced that the United States Patent and Trademark Office issued a notice of allowance for a patent application relating to the Company’s BRTX-100 clinical program. This patent was issued in March 2022. Intangible assets consist of the following: SCHEDULE OF INTANGIBLE ASSETS
|  | Patents and Trademarks |  |  | Licenses |  |  | Accumulated Amortization |  |  | Total |
Balance as of January 1, 2022 |  | $ | 3,676 |  |  | $ | 1,301,500 |  |  | $ | (715,436 | ) |  | $ | 589,740 |
Considertion transferred for license exclusivity |  |  | - |  |  |  | 292,030 |  |  |  | - |  |  |  | 292,030 |
Amortization expense |  |  | - |  |  |  | - |  |  |  | (78,332 | ) |  |  | (78,332 | )
Balance as of December 31, 2022 |  |  | 3,676 |  |  |  | 1,593,530 |  |  |  | (793,768 | ) |  |  | 803,438 |
Amortization expense |  |  | - |  |  |  | - |  |  |  | (89,746 | ) |  |  | (89,746 | )
Balance as of December 31, 2023 |  | $ | 3,676 |  |  | $ | 1,593,530 |  |  | $ | (883,514 | ) |  | $ | 713,692 |
Weighted average remaining amortization period at December 31, 2023 (in years) |  |  | - |  |  |  | 10.9 |  |  |  |  |  |  |  |  |
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, 2022 |  | $ | 3,676 |  |  | $ | 711,760 |  |  | $ | 715,436 |
Amortization expense |  |  | - |  |  |  | 78,332 |  |  |  | 78,332 |
Balance as of December 31, 2022 |  |  | 3,676 |  |  |  | 790,092 |  |  |  | 793,768 |
Amortization expense |  |  | - |  |  |  | 89,746 |  |  |  | 89,746 |
Balance as of December 31, 2023 |  | $ | 3,676 |  |  | $ | 879,838 |  |  | $ | 883,514 |
Amortization expense for the next five years is as follows: SCHEDULE OF FINITE LIVED INTANGIBLE ASSETS FUTURE AMORTIZATION EXPENSES
For the Years Ending December 31, |  | Total |
2024 |  | $ | 89,746 |
2025 |  |  | 89,746 |
2026 |  |  | 89,746 |
2027 |  |  | 89,746 |
2028 |  |  | 89,746 |
Total |  | $ | 448,730 |

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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 -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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