INTELLECTUAL PROPERTY LICENSING RIGHTS
|12 Months Ended|
Dec. 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 $47,160 and $11,990 of amortization expense during the year ended December 31, 2020 and 2019, respectively. Amortization is computed on straight-line method based on estimated useful lives of 5 years. As of December 31, 2020 and 2019, the accumulated amortization of the intellectual property was $59,150 and $11,990, respectively.
The future amortization of the intellectual property are as follows:
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 years ended December 31, 2020 and 2019, the Company recorded amortization expense of $1,172 and $1,464, respectively. As of December 31, 2020 and 2019, the accumulated amortization of these patents was $2,636 and $1,464, respectively.
The future amortization of the patents are as follows:
Disclosure of accounting policy for revenue recognition for licensing fees, which is consideration paid to the entity (licensor) by another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, or trademark.
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef