Quarterly report pursuant to Section 13 or 15(d)

Patents

v3.10.0.1
Patents
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Patents

Note 4 – Patents

 

In December 2017, we acquired from Rio Grande Neurosciences, Inc. (RGN) a patent portfolio for $4,500,000 as part of a settlement agreement. The oldest patents expire in 2024. The patent portfolio is amortized through 2024. The following is a summary of patents less accumulated amortization at June 30, 2018 and December 31, 2017:

 

    June 30, 2018     December 31, 2017  
             
Patents   $ 4,500,000     $ 4,500,000  
                 
Less accumulated amortization     323,455       -  
                 
    $ 4,176,545     $ 4,500,000  

 

Amortization expense associated with patents was $323,455 and $0 for the six months ended June 30, 2018 and 2017. The estimated future amortization expense related to patents as of June 30, 2018 is as follows:

 

Twelve Months Ending June 30,   Amount  
       
2019   $ 646,910  
2020     646,910  
2021     646,910  
2022     646,910  
2023     646,910  
Thereafter     941,995  
Total   $ 4,176,545