Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

9. Goodwill and Intangible Assets

The carrying value of goodwill was $1,190,000 as of June 30, 2022 and December 31, 2021.

The following tables summarize information relating to the Company’s identifiable intangible assets as of June 30, 2022 and December 31, 2021:

	June 30, 2022
	Estimated Useful Life (Years)	Gross Amount		Accumulated Amortization			Carrying Value
Amortized
Patent	10 years	$	873,263	$	(87,327	)	$	785,936
Indefinite-lived
In-process research and development	Indefinite		3,209,000		-			3,209,000
Internal-use software	Indefinite		19,325		-			19,325
Total identifiable intangible assets		$	4,101,588	$	(87,327	)	$	4,014,261

	December 31, 2021
	Estimated Useful Life (Years)	Gross Amount		Accumulated Amortization			Carrying Value
Amortized
Patent	10 years	$	873,263	$	(43,663	)	$	829,600
Indefinite-lived
In-process research and development	Indefinite		3,209,000		-			3,209,000
Total identifiable intangible assets		$	4,082,263	$	(43,663	)	$	4,038,600

Amortization expense was $21,833 and $43,663 for the three and six months ended June 30, 2022, respectively, and was $0 and $0 for the three and six months ended June 30, 2021, respectively.