Annual report pursuant to Section 13 and 15(d)

Intangible Assets and Goodwill

v3.24.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Intangible Assets and Goodwill [Abstract]  
INTANGIBLE ASSETS AND GOODWILL

NOTE 6 – INTANGIBLE ASSETS AND GOODWILL

 

Intangible assets, net consists of the following (in thousands):

 

    December 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       (630,164 )     5,041,314       5,671,478      
-
       5,671,478  
Intangible assets, net   $ 8,571,478     $ (630,164 )   $ 7,941,314     $ 8,571,478     $
-
     $ 8,571,478  

 

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

 

2024     630,134  
2025     630,134  
2026     630,134  
2027     630,134  
2028     630,134  
Thereafter     1,890,644  
Remaining future amortization expense   $ 5,041,314  

 

There were no changes to goodwill for the year ended December 31, 2023. During the year ended December 31, 2022, the Company acquired $1.3 million of goodwill in connection with the acquisition of Alpha-5.