Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Schedule of Intangible Assets

The following table summarizes the balances as of June 30, 2020 and December 31, 2019, of the intangible assets acquired, their useful life, and annual amortization:

	June 30, 2020			Remaining Estimated Useful Life (Years)
Intangible asset – Intellectual Property	$	819,191			18.40
Intangible asset – Capitalization of license cost		190,989			18.40
		1,010,180
Less Accumulated Amortization		(111,290	)
Total	$	898,890

	December 31, 2019			Remaining Estimated Useful Life (Years)
Intangible asset – Intellectual Property	$	819,191			18.68
Intangible asset – Capitalization of license cost		190,989			18.68
		1,010,180
Less Accumulated Amortization		(85,608	)
Total	$	924,572

Schedule of Amortization of Expense for Intangible Assets

The future yearly amortization expense over the next five years and thereafter are as follows:

For the years ended December 31,
Remainder of 2020	$	25,683
2021		51,365
2022		51,365
2023		51,365
2024		51,365
Thereafter		667,747
	$	898,890

In Process Research and Development [Member]

Schedule of Intangible Assets

The following table summarizes the balances as of June 30, 2020 of the IPR&D assets acquired during the three months ended December 31, 2019. The Company will evaluate, on an annual basis, for any impairment and record an impairment if identified. No similar balances were present in 2019:

	June 30, 2020			Remaining Estimated Useful Life (Years)
Intangible asset – Intellectual Property	$	1,377,200		4.50
		1,377,200
Less Accumulated Amortization		(137,720	)
Total	$	1,239,480

Schedule of Amortization of Expense for Intangible Assets

The future yearly amortization expense over the next five years and thereafter are as follows:

For the years ended December 31,
Remainder of 2020	$	137,720
2021		275,440
2022		275,440
2023		275,440
2024		275,440
	$	1,239,480