Quarterly report pursuant to Section 13 or 15(d)

Patents

v3.21.1
Patents
3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020:

 

    March
31, 2021
    December
31, 2020
 
             
Patents   $ 4,500,000     $ 4,500,000  
                 
Less accumulated amortization     2,102,460       1,940,732  
                 
Patents, net   $ 2,397,540     $ 2,559,268  

 

Amortization expense associated with patents was $161,728 for the three months ended March 31, 2021 and 2020. The estimated future amortization expense related to patents as of March 31, 2021 is as follows:

 

Twelve Months Ending March 31,   Amount  
       
2021   $ 646,910  
2022     646,910  
2023     646,910  
2024     456,810  
         
Total   $ 2,397,540