Quarterly report pursuant to Section 13 or 15(d)

INTELLECTUAL PROPERTY LICENSING RIGHTS

v3.22.2.2
INTELLECTUAL PROPERTY LICENSING RIGHTS
9 Months Ended
Sep. 30, 2022
INTELLECTUAL PROPERTY LICENSING RIGHTS  
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. Amortization is computed on straight-line method based on estimated useful lives of 5 years. During the three and nine months ended September 30, 2022, the Company recorded amortization expense of the intellectual property of $0. During the three and nine months ended September 30, 2021, the Company recorded amortization expense of the intellectual property of $11,790 and $35,370, respectively. The Company tested the intellectual property during 2021 and determined that, based on its qualitative assessment, that it is more likely than not that the fair value of the intellectual property is less than the carrying value, and thus recorded $141,480 impairment loss, which brings the carrying value of the intellectual property to $0.

 

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 and nine months ended September 30, 2022, the Company recorded amortization expense of $294 and $884, respectively. During the three and nine months ended September 30, 2021, the Company recorded amortization expense of $295 and $884, respectively. As of September 30, 2022, the accumulated amortization of these patents was $4,699. 

 

The future amortization of the patents are as follows:

 

Year

 

Amount

 

2022

 

 

285

 

2023

 

 

1,169

 

2024

 

 

1,169

 

2025

 

 

1,169

 

2026 and after

 

 

6,709

 

 

 

$ 10,501