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Patents, net
12 Months Ended
Dec. 31, 2021
Patents, net  
Patents, net

3. Intangible assets, net

 

Intangible assets are stated at cost less accumulated amortization and consist of the following at December 31, 2021 and 2020:

 

 

 

December 31,

 

 

 

2021

 

 

2020

 

Patents and technology

 

$39,371,317

 

 

$245,898

 

Less: accumulated amortization

 

 

(2,042,126)

 

 

(65,270)

Patents and technology, net

 

$37,329,191

 

 

$180,628

 

 

Amortization expense amounted to $2,000,302 for the year ended December 31, 2021 and $12,878 for the year ended December 31, 2020 respectively, and is included in R&D, selling, general and administrative expenses.

 

Patents were $37,329,191 and $180,628 as of December 31, 2021 and 2020 respectively. We acquired intellectual properties related to VOC and COVID-19 technologies from Ainos KY pursuant to a Securities Purchase Agreement dated December 24, 2020, by and between the Company (under its former name “Amarillo Biosciences, Inc.”) and Ainos KY (the “Securities Purchase Agreement”) and the Asset Purchase Agreement.

Estimated future amortization expense is as follows:

 

2022

 

 

4,522,141

 

2023

 

 

4,522,141

 

2024

 

 

4,534,493

 

2025

 

 

4,522,141

 

2026

 

 

4,521,973

 

Thereafter

 

 

14,706,301

 

Total expense

 

$37,329,191