Quarterly report pursuant to Section 13 or 15(d)

INTELLECTUAL PROPERTY LICENSING RIGHTS

v3.20.1
INTELLECTUAL PROPERTY LICENSING RIGHTS
3 Months Ended
Mar. 31, 2020
INTELLECTUAL PROPERTY LICENSING RIGHTS  
Note 7 - INTELLECTUAL PROPERTY/ LICENSING RIGHTS

On August 20, 2018, the Company purchased all the worldwide rights of Naltrexone Implants formula(s) with exception of New Zealand and Australia from Trinity Compound Solutions, Inc. for $10,000 and 20,000 shares of its common stock for an aggregate purchase price of $236,000. The Company started to amortize the intellectual property corresponding to the launch of the UnCraveRx™ Weight Loss Management Program in October 2019 and recorded $11,990 amortization expense during the year ended December 31, 2019. Amortization is computed on straight-line method based on estimated useful lives of 5 years. During the three months ended March 31, 2020, the Company recorded amortization expense of $11,790. As of March 31, 2020, the accumulated amortization of the intellectual property was $ 23,780.

 

The future amortization of the intellectual property are as follows:

 

Year

 

Amount

 

2020

 

$ 35,370

 

2021

 

 

47,160

 

2022

 

 

47,160

 

2023

 

 

47,160

 

2024

 

 

35,370

 

 

 

$ 212,220

 

 

On October 12, 2018 the Company's majority owned subsidiary, BioCorRx Pharmaceuticals Inc. acquired six patent families for sustained delivery platforms for the local delivery of biologic and small molecule drugs for an aggregate purchase price of $15,200. Amortization is computed on straight-line method based on estimated useful lives of 13 years. During the three months ended March 31, 2020, the Company recorded amortization expense of $292. As of March 31, 2020, the accumulated amortization of these patents was $1,755.

 

The future amortization of the patents are as follows:

 

Year

 

Amount

 

2020

 

$ 881

 

2021

 

 

1,169

 

2022

 

 

1,169

 

2023

 

 

1,169

 

2024 and after

 

 

9,057

 

 

 

$ 13,445