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GOODWILL, IPR&D AND OTHER INTANGIBLES | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL, IPR&D AND OTHER INTANGIBLES | NOTE 7 — GOODWILL, IPR&D AND OTHER INTANGIBLES SCHEDULE OF GOODWILL AND OTHER INTANGIBLE
|  |  |  | December 31, |  |  | December 31, |
|  |  |  | 2022 |  |  | 2021 |
|  | Estimated Useful Lives |  | Gross carrying amounts |  |  | Gross carrying amounts |
Goodwill |  |  |  | $ | 625,602 |  |  | $ | — |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
Developed-product-technology rights |  | 8 - 17 years |  | $ | 479,103 |  |  | $ | 479,103 |
Licensing rights |  | 10 years |  |  | 418,836 |  |  |  | 418,836 |
Less: Accumulated amortization |  |  |  |  | (752,237 | ) |  |  | (726,749 | )
Total finite-lived intangible assets, net |  |  |  |  | 145,702 |  |  |  | 171,190 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |
In-process research and development |  |  |  |  | 5,700,000 |  |  |  | — |
Total other intangible assets, net |  |  |  | $ | 5,845,702 |  |  | $ | 171,190 |
The Company periodically reviews goodwill for impairment in accordance with relevant accounting standards. Goodwill is attributable to the NanoSynex Acquisition. Goodwill and intangible assets are recognized at fair value during the period in which an acquisition is completed, from updated estimates during the measurement period, or when they are considered to be impaired. These non-recurring fair value measurements, primarily for goodwill and intangible assets acquired, were based on Level 3 inputs. The Company estimates the fair value of long-lived assets on a non-recurring basis based on a market valuation approach, engaging independent valuation experts to assist in the determination of fair value. In the fourth quarter of fiscal 2022, in conjunction with the annual impairment assessment, the Company determined that the fair value of the reporting unit was less than the carrying value. In addition to continued losses in the reporting unit, the Company considered macroeconomic conditions including a deterioration in the equity markets evidenced by sustained declines in the Company’s stock price, peer companies, and major market indices since the acquisition date. The Company engaged independent valuation experts to assist in determining the fair value of the reporting unit. As a result of this analysis, the Company recorded a $4,239,000 goodwill and fixed asset impairment charge associated with the reporting unit. There were no impairments to intangible assets and goodwill during the year ended December 31, 2021. The carrying value of the patents of approximately $140,000 and $159,000 at December 31, 2022 and December 31, 2021, respectively, are stated net of accumulated amortization of approximately $339,000 and $320,000, respectively. Amortization of patents charged to operations for the year ended December 31, 2022 and December 31, 2021 were approximately $18,000 and $17,000, respectively. Total future estimated amortization of patent costs for the five succeeding years is approximately $18,000 for the year ending December 31, 2023, approximately $15,000 for the year ending December 31, 2024, approximately $14,000 for years 2025, 2026 and 2027, and approximately $65,000 thereafter. The carrying value of the licenses of approximately $5,000 and $12,000 at December 31, 2022 and December 31, 2021 are stated net of accumulated amortization of approximately $414,000 and $407,000, respectively. Amortization of licenses charged to operations for the year ended December 31, 2022 and December 31, 2021 was approximately $7,000 and $7,000, respectively. Total future estimated amortization of license costs for the five succeeding years is approximately $5,000 for the year ending December 31, 2023.

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