Annual report pursuant to Section 13 and 15(d)

In-Process Research and Development

v3.20.1
In-Process Research and Development
12 Months Ended
Dec. 31, 2019
In-process Research And Development  
IN-PROCESS RESEARCH AND DEVELOPMENT

NOTE 6 - IN-PROCESS RESEARCH AND DEVELOPMENT

 

Intangible assets acquired in the RondinX Ltd. acquisition (see Note 5) were determined to be in-process 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. Once the R&D efforts are complete, the Company will determine the useful life of the R&D assets and will amortize these assets accordingly in the financial statements. As of December 31, 2019, the in-process R&D efforts had not yet been completed nor abandoned. Based on management's analysis, there were no impairment indicators present as of December 31, 2019 and 2018.