INTELLECTUAL PROPERTY LICENSING RIGHTS
|6 Months Ended|
Jun. 30, 2023
|INTELLECTUAL PROPERTY LICENSING RIGHTS|
|INTELLECTUAL PROPERTY/ LICENSING RIGHTS||
NOTE 7 - INTELLECTUAL PROPERTY/ LICENSING RIGHTS
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 June 30, 2023 and 2022, the Company recorded amortization expense of $294 and $295, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded amortization expense of $589 and $590, respectively. As of June 30, 2023, the accumulated amortization of these patents was $5,583.
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.
No definition available.