Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net

v3.21.1
Intangible Assets, Net
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net

Note 8 – Intangible Assets, net

 

Intangible assets consist of the following:

 

    Intellectual Property     Accumulated Amortization     Total  
Balance as of January 1, 2019   $ 32,080     $ (2,406 )   $ 29,674  
Purchases of intangibles     4,335      
-
      4,335  
Amortization expense    
-
     
-
     
-
 
Balance as of December 31, 2019     36,415       (2,406 )     34,009  
Purchases of intangibles     750      
-
      750  
Amortization expense    

-

      (3,941 )     (3,941 )
Balance as of December 31, 2020   $ 37,165     $ (6,347 )   $ 30,818  
                         
Weighted average remaining amortization period at December 31, 2020 (in years)     7.7                  

 

Intangible assets are amortized on a straight-line basis over the shorter of their license periods or estimated useful lives ranging from two to ten years. During the years ended December 31, 2020 and 2019, amortization expense amounted to $3,941 and $0, respectively.

 

Estimated future amortization expense is as follows:

 

Years Ended December 31,      
2021     3,991  
2022     3,991  
2023     3,991  
2024     3,991  
2025     3,991  
Thereafter     10,863  
    $ 30,818