INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

The carrying values of the Company’s finite-lived intangible assets were as follows:

	December 31, 2021							December 31, 2020
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Product Licenses	$	4,193,879	$	(586,541	)	$	3,607,338	$	3,350,000	$	(264,909	)	$	3,085,091
Patents and Other IP		1,610,111		(551,285	)		1,058,826		510,310		(510,310	)		-
Software and Other		127,492		(65,686	)		61,806		64,464		(51,889	)		12,575
Total	$	5,931,482	$	(1,203,512	)	$	4,727,970	$	3,924,774	$	(827,108	)	$	3,097,666

In March 2021, the Company issued 20,834 shares of its common stock to Rochal Industries, LLC (“Rochal”) for a $750,000 milestone payment required per the terms of a licensing agreement with Rochal. The payment became due upon the Company’s public offering of common stock in February 2021. The milestone payment was recorded as an addition to intangible assets.

As of December 31, 2021, the weighted-average amortization period for all intangible assets was 12.7 years. Amortization expense related to intangible assets was $376,404 for the year ended December 31, 2021 and $223,528 for the year ended December 31, 2020. The estimated remaining amortization expense as of December 31, 2021 is as follows:

2022	$	437,678
2023		432,598
2024		432,598
2025		432,598
2026		432,598
Thereafter		2,559,900
Total	$	4,727,970

The Company has reviewed the carrying value of intangible assets due to the events and circumstances surrounding the COVID-19 pandemic. The Company does not believe the impact of COVID-19 or other matters have created an impairment loss on the Company’s intangible assets as of December 31, 2021. Accordingly, there was no impairment loss recognized on the Company’s intangible assets during the years ended December 31, 2021 or 2020.