XML 23 R10.htm IDEA: XBRL DOCUMENT
v3.22.1

Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 4 - INTANGIBLE ASSETS Intangible assets represent the cost of medical formulas approved for production by the NMPA. The Company did not obtain NMPA production approval for any new medical formulas during the years ended December 31, 2021 and 2020 and no costs were reclassified from advances to intangible assets during the years ended December 31, 2021 and 2020, respectively. Approved medical formulas are amortized from the date NMPA approval is obtained over their individually identifiable estimated useful life, which range from ten to thirteen years. It is at least reasonably possible that a change in the estimated useful lives of the medical formulas could occur in the near term due to changes in the demand for the drugs and medicines produced from these medical formulas. Amortization expense relating to intangible assets was $38,114 and $35,650 for the years ended December 31, 2021 and 2020, respectively which was included in the general and administrative expenses. Medical formulas typically do not have a residual value at the end of their amortization period. The Company evaluates each approved medical formula for impairment at the date of NMPA approval, when indications of impairment are present and also at the date of each financial statement. The Company’s evaluation is based on an estimated undiscounted net cash flow model, which considers currently available market data for the related drug and the Company’s estimated market share. If the carrying value of the medical formula exceeds the estimated future net cash flows, an impairment loss is recognized for the excess of the carrying value over the fair value of the medical formula, which is determined by the estimated discounted future net cash flows. No impairment loss was recognized during the years ended December 31, 2021 and 2020, respectively. Intangible assets consisted solely of NMPA approved medical formulas as follows:
|  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2020 |
Gross carrying amount |  | $ | 5,294,892 |  |  | $ | 5,173,818 |
Accumulated amortization |  |  | (5,147,051 | ) |  |  | (4,991,672 | )
Net carrying amount |  | $ | 147,841 |  |  | $ | 182,146 |
The estimated aggregate annual amortization expense for each of the next five years and thereafter is as follows:
Year |  | Amount |
2022 |  |  | 38,567 |
2023 |  |  | 38,567 |
2024 |  |  | 38,567 |
2025 |  |  | 32,140 |
Total |  | $ | 147,841 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration