| Schedule of Acquired Finite-Lived Intangible Assets by Major Class |
The changes in intangible assets for the years ended December 31, 2020 and 2019 were as follows:
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| Balance as of December 31, 2018 |
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$ |
3,765,254 |
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| Amortization |
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(1,338,996) |
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| Balance as of December 31, 2019 |
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$ |
2,426,258 |
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| Additions |
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$ |
900,000 |
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| Amortization |
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$ |
(1,741,083) |
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| Balance as of December 31, 2020 |
|
$ |
1,585,175 |
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| Schedule of Finite-Lived Intangible Assets |
The following is a summary of intangible assets held by the Company at December 31, 2020 and 2019, respectively:
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December 31, 2020 |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Weighted-Average Remaining Life |
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(in years) |
| Acquired Product Marketing Rights |
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$ |
5,056,000 |
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$ |
(3,949,988) |
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|
$ |
1,106,012 |
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|
0.9 |
| Acquired Assembled Workforce |
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1,050,000 |
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(570,837) |
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|
479,163 |
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|
1.1 |
| Total Intangible Assets |
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$ |
6,106,000 |
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|
$ |
(4,520,825) |
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|
$ |
1,585,175 |
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0.9 |
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December 31, 2019 |
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|
Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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Weighted-Average Remaining Life |
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(in years) |
| Acquired Product Marketing Rights |
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$ |
5,056,000 |
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|
$ |
(2,685,992) |
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|
$ |
2,370,008 |
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|
1.9 |
| Acquired Assembled Workforce |
|
150,000 |
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(93,750) |
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|
56,250 |
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0.8 |
| Total Intangible Assets |
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$ |
5,206,000 |
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|
$ |
(2,779,742) |
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|
$ |
2,426,258 |
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|
1.9 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Amortization of intangibles for the next five years and thereafter is expected to be as follows:
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Estimated |
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Amortization |
| For the Years Ending December 31, |
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Expense |
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| 2021 |
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1,556,016 |
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| 2022 |
|
29,159 |
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| 2023 |
|
— |
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| 2024 |
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— |
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| 2025 |
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— |
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| Thereafter |
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— |
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| Total future amortization expense |
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$ |
1,585,175 |
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