Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

v3.23.1
Intangible Assets and Goodwill
3 Months Ended
Mar. 31, 2023
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 5 – INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets, net consists of the following:

 

    March 31, 2023     December 31, 2022  
    Gross
Carrying
Amount
    Accumulated
Amortization
    Net     Gross
Carrying
Amount
    Accumulated
Amortization
    Net  
In-process research and development   $ 2,900,000     $ -     $ 2,900,000     $ 2,900,000     $ -     $ 2,900,000  
Patents and intellectual property     5,671,478       (157,541 )     5,513,937       5,671,478       -       5,671,478  
Intangible assets, net   $ 8,571,478     $ (157,541 )   $ 8,413,937     $ 8,571,478     $ -     $ 8,571,478  

 

As of March 31, 2023, future expected amortization expense of Intangible assets was as follows:

 

2023   $ 472,623  
2024     630,164  
2025     630,164  
2026     630,164  
2027     630,164  
Thereafter     5,420,657  
Remaining future amortization expense   $ 8,413,937  

 

There were no changes to goodwill for the three months ended March 31, 2023.