Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.20.1
Intangible Assets
12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

  

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

 

    Useful Life   December 31,
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 years ended December 31, 2019 and 2018, amortization expense amounted to $245,678 and $327,571, respectively.

 

In September 2019, the Company assessed its intangible assets which were solely related to the Genexosome Technology acquisition (which primarily consisted of a commercialized system to isolate exosomes) for any impairment and concluded that there were indicators of impairment as of September 30, 2019. The impairment is due to the Company's conclusion that it will be unable to realize any future revenue from the sale of the exosome isolation systems. The Company calculated that the estimated undiscounted cash flows were less than the carrying amount related to the exosome isolation system projected sales and unrelated patent applications. The Company has not been able to realize the financial projections provided by Mr. Zhou for the sale of the exosome isolation systems 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 year ended December 31, 2019, which reduced the value to zero.