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
5. INTANGIBLE ASSETS

 

The SUGARDOWN® technology and patent applications, which were obtained through the acquisition of BTI in 2010, are being amortized on a straight-line basis over their estimated useful lives of 14 years.

 

Intangible assets consist of the following as of December 31:

 

    2019     2018  
SUGARDOWN® technology and patent applications   $ 1,134,122     $ 1,134,122  
Less accumulated amortization     (1,134,122 )     (618,910 )
Intangible assets, net   $     $ 515,212  

 

Amortization expense for each of the years ended December 31, 2019 and 2018 was $148,031 and $158,196, respectively.

 

The Company performed its impairment review of intangible assets for the year ended December 31, 2019 and concluded that intangibles were impaired at December 31, 2019. The Company recorded impairment of intangibles in the amount of $367,181 for the year ended December 31, 2019.