GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

SCHEDULE OF INTANGIBLE ASSETS

The following table summarizes the balances as of March 31, 2022 and December 31, 2021, of the intangible assets acquired, their useful life, and annual amortization:

	March 31, 2022			Remaining Estimated Useful Life (Years)
Intangible asset – Intellectual Property	$	819,191			16.75
Intangible asset – Capitalization of license cost		190,989			16.75
		1,010,180
Less Accumulated Amortization		(201,180	)
Total	$	809,000

	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

	March 31, 2022
Intangible asset – Intellectual Property	$	1,377,200
		1,377,200
Less Accumulated Amortization		(275,440	)
Total	$	1,101,760

	December 31, 2021
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	$	38,524
2023		51,365
2024		51,365
2025		51,365
2026		51,365
Thereafter		577,857
	$	821,841