Quarterly report pursuant to Section 13 or 15(d)

Patents (Tables)

v3.20.2
Patents (Tables)
9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Patents Less Accumulated Amortization

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 September 30, 2020 and December 31, 2019:

 

   

September 30,

2020

   

December 31,

2019

 
             
Patents   $ 4,500,000     $ 4,500,000  
                 
Less accumulated amortization     1,779,004       1,293,820  
                 
    $ 2,720,996     $ 3,206,180  
Schedule of Estimated Future Amortization Expense

Amortization expense associated with patents was $485,184 and $485,183 for the nine months ended September 30, 2020 and 2019, respectively. The estimated future amortization expense related to patents as of September 30, 2020 is as follows:

 

Twelve Months Ending September 30,   Amount  
       
2021   $ 646,910  
2022     646,910  
2023     646,910  
2024     646,910  
2025     133,356  
         
Total   $ 2,720,996