GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF INTANGIBLE ASSETS

The following table summarizes the balances as of December 31, 2021 and 2020, respectively, of the intangible assets acquired, their useful life, and annual amortization:

	December 31, 2021			Remaining Estimated Useful Life (Years)
Intangible asset – Intellectual Property	$	819,191			17.00
Intangible asset – Capitalization of license cost		190,989			17.00
		1,010,180
Less Accumulated Amortization		(188,339	)
Total	$	821,841

	December 31, 2020			Remaining Estimated Useful Life (Years)
Intangible asset – Intellectual Property	$	819,191			18.00
Intangible asset – Capitalization of license cost		190,989			18.00
		1,010,180
Less Accumulated Amortization		(136,974	)
Total	$	873,206

The following table summarizes the balances as of December 31, 2021 and 2020 of the IPR&D assets acquired in the PointR acquisition during the year ended December 31, 2019. The Company evaluates, on an annual basis, for any impairment and records an impairment if identified. The Company identified no impairment to IPR&D assets during its evaluation.

	December 31, 2021
Intangible asset – Intellectual Property	$	1,377,200
		1,377,200
Less Accumulated Amortization		(275,440	)
Total	$	1,101,760

	December 31, 2020
Intangible asset – Intellectual Property	$	1,377,200
		1,377,200
Less Accumulated Amortization		(275,440	)
Total	$	1,101,760

 

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,
2022		51,365
2023		51,365
2024		51,365
2025		51,365
2026		51,365
Thereafter		565,016
	$	821,841