Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 6 – INTANGIBLE ASSETS

  

At September 30, 2019 and December 31, 2018, intangible assets consisted of the following:

 

    Useful Life   September 30,
2019
    December 31,
2018
 
Patents and other technologies   5 Years   $ 1,583,260     $ 1,583,260  
Less: accumulated amortization         (573,249 )     (327,571 )
Less: impairment loss         (1,010,011 )     -  
        $ -     $ 1,255,689  

 

For the three months ended September 30, 2019 and 2018, amortization expense amounted to $81,892. For the nine months ended September 30, 2019 and 2018, amortization expense amounted to $245,678.

 

In September 2019, the Company assessed its patents and other technologies for any impairment and concluded that there were indicators of impairment as of September 30, 2019 and the Company calculated that the estimated undiscounted cash flows were less than the carrying amount of those patents and other technologies. The Company has not been able to realize the financial projections provided by Dr. Zhou at the time of the intangible assets purchase and has recognized an impairment loss of $1,010,011 related to the intangible assets for the three and nine months ended September 30, 2019, which reduced the value of patents and other technologies purchased to zero. The Company did not record any impairment charge for the three and nine months ended September 30, 2018.