Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v3.20.4
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible AssetsThere were no changes in the carrying amount of goodwill for the years ended December 31, 2020 and 2019.
The changes in intangible assets for the years ended December 31, 2020 and 2019 were as follows:
Balance as of December 31, 2018 $ 3,765,254 
Amortization (1,338,996)
Balance as of December 31, 2019 $ 2,426,258 
Additions $ 900,000 
Amortization $ (1,741,083)
Balance as of December 31, 2020 $ 1,585,175 

As a result of the asset acquisition accounting treatment of the Aevi Merger, the Company recognized an assembled workforce intangible asset of $0.9 million during the first quarter of 2020, which was assigned a two-year useful life. Refer to Notes 5 and 6 for more information.
The following is a summary of intangible assets held by the Company at December 31, 2020 and 2019, respectively:
December 31, 2020
     Gross Carrying Amount      Accumulated Amortization      Net Carrying Amount Weighted-Average Remaining Life
(in years)
Acquired Product Marketing Rights $ 5,056,000  $ (3,949,988) $ 1,106,012  0.9
Acquired Assembled Workforce 1,050,000  (570,837) 479,163  1.1
Total Intangible Assets $ 6,106,000  $ (4,520,825) $ 1,585,175  0.9

December 31, 2019
     Gross Carrying Amount      Accumulated Amortization      Net Carrying Amount Weighted-Average Remaining Life
(in years)
Acquired Product Marketing Rights $ 5,056,000  $ (2,685,992) $ 2,370,008  1.9
Acquired Assembled Workforce 150,000  (93,750) 56,250  0.8
Total Intangible Assets $ 5,206,000  $ (2,779,742) $ 2,426,258  1.9


Amortization of intangibles for the next five years and thereafter is expected to be as follows:
Estimated
Amortization
For the Years Ending December 31,      Expense
2021 1,556,016 
2022 29,159 
2023 — 
2024 — 
2025 — 
Thereafter — 
Total future amortization expense $ 1,585,175