8. INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

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

	March 31, 2020							December 31, 2019
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Patent	$	510,310	$	(510,310	)	$	-	$	510,310	$	(510,310	)	$	-
License		2,000,000		(84,744	)		1,915,256		1,500,000		(48,876	)		1,451,124
Software and Other		64,464		(46,268	)		18,196		64,464		(44,394	)		20,070
Total	$	2,574,774	$	(641,322	)	$	1,933,452	$	2,074,774	$	(603,580	)	$	1,471,194

During the first quarter of 2020, the Company paid a $500,000 milestone payment to Rochal Industries, LLC (“Rochal”) upon FDA clearance of BIAKŌS™ Antimicrobial Wound Gel pursuant to the terms of the July 8, 2019 license agreement with Rochal. The milestone payment was recorded as an addition to intangible assets.

As of March 31, 2020, the weighted-average amortization period for all intangible assets is 12.0 years. Amortization expense related to intangible assets was $37,742 for the three months ended March 31, 2020 and $2,709 for the three months ended March 31, 2019. The estimated remaining amortization expense as of March 31, 2020 is as follows:

Remainder of 2020	$	123,717
2021		164,956
2022		162,541
2023		157,461
2024		157,461
Thereafter		1,167,316
Total	$	1,933,452

During the first quarter of 2020, the Company 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 the COVID-19 has created an impairment loss on the Company’s intangible assets. Accordingly, no there was no impairment loss recognized on the Company’s intangible assets during the three months ended March 31, 2020.