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