Annual report pursuant to Section 13 and 15(d)

In-Process Research and Development

v3.21.1
In-Process Research and Development
12 Months Ended
Dec. 31, 2020
In Process Research And Development [Abstract]  
IN-PROCESS RESEARCH AND DEVELOPMENT
NOTE 7 - IN-PROCESS RESEARCH AND DEVELOPMENT

 

Intangible assets acquired in the RondinX Ltd. acquisition (see Note 6) were determined to be in-process research and development ("R&D"). In accordance with ASC 350-30-35-17A, R&D assets acquired in a business combination are considered an indefinite-lived intangible asset until completion or abandonment of the associated R&D efforts. On January 1, 2020, the in-process R&D efforts were completed. The Company had determined the useful life of the R&D assets for three years and began amortizing these assets accordingly in the financial statements. Amortization expenses recorded in the consolidated statements of operations were $1,518 for the year ended December 31, 2020. Based on management's analysis, there was no impairment for the year ended December 31, 2020.