Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Patents

v3.19.1
Note 7 - Patents
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
NOTE
7
 — PATENTS
      
               
   
March 31, 2019
 
   
Cost
   
Impairment
   
Accumulated Amortization
   
Net
 
Patents-foundation intellectual property
  $
1,377,863
    $
-
    $
(955,842
)   $
422,021
 
Total
  $
1,377,863
    $
-
     
(955,842
)   $
422,021
 
 
   
December 31, 2018
 
   
Cost
   
Impairment
   
Accumulated Amortization
   
Net
 
Patents-foundation intellectual property
  $
1,377,863
    $
-
    $
(942,590
)   $
435,273
 
Epidural-Apad acquired patents
   
2,639,647
     
(1,539,794
)    
(1,099,853
)    
-
 
Total
  $
4,017,510
    $
(1,539,794
)   $
(2,042,443
)   $
435,273
 
 
Patents are amortized utilizing the straight-line method over estimated useful lives ranging from
3
to
20
years. Amortization expense was
$13,252
and
$237,366
for the
three
months ended
March 31, 2019
and
2018,
respectively.
 
During
2018,
the Company determined  that the APAD Patents purchased in
2017
 will
not
be further developed or commercialized before their estimated useful life expires.  As such, Management determined that these assets were impaired and a charge of approximately
$1.5
million was recorded.