Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.22.2.2
Intangible Assets
9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

(9) Intangible Assets

The following represents the balances of the intangible assets:

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Asset resulting from R&D activities

 

$

26,400

 

 

$

26,400

 

Accumulated Amortization

 

 

(6,654

)

 

 

(4,722

)

Impairment loss

 

 

(17,746

)

 

 

 

Intangible assets, net

 

$

2,000

 

 

$

21,678

 

 

Amortization expense for the three and nine months ended September 30, 2022 was $644 and $1,932, respectively. Amortization expense for the three and nine months ended September 30, 2021 was $644 and $1,932, respectively.

During the nine months ended September 30, 2022, the Company recorded an impairment loss of $17,746 to reduce the carrying value of the intangible asset as a result of current estimates of its expected net fair value.

As of September 30, 2022, future amortization expense is as follows:

 

 

Amortization

 

Remainder of 2022

$

65

 

2023

 

261

 

2024

 

261

 

2025

 

261

 

2026

 

261

 

2027 and thereafter

 

891

 

Total

$

2,000