Quarterly report pursuant to Section 13 or 15(d)

Patents

v3.20.2
Patents
6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Patents

Note 5 – Patents

 

In December 2017, we acquired from Rio Grande Neurosciences, Inc. (RGN) a patent portfolio for $4,500,000. The earliest patents expire in 2024. The following is a summary of patents less accumulated amortization at June 30, 2020 and December 31, 2019:

 

    June 30,
2020
    December 31, 2019  
             
Patents   $ 4,500,000     $ 4,500,000  
                 
Less accumulated amortization     1,617,276       1,293,820  
                 
    $ 2,882,724     $ 3,206,180  

 

Amortization expense associated with patents was $323,456 and $323,455 for the six months ended June 30, 2020 and 2019, respectively. The estimated future amortization expense related to patents as of June 30, 2020 is as follows:

 

Twelve Months Ending June 30,   Amount  
       
2021   $ 646,910  
2022     646,910  
2023     646,910  
2024     646,910  
2025     295,084  
         
Total   $ 2,882,724