Quarterly report pursuant to Section 13 or 15(d)

In-Process Research and Development

v3.20.2
In-Process Research and Development
9 Months Ended
Sep. 30, 2020
In Process Research And Development [Abstract]  
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 ("Intangible assets with indefinite lives"), 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 condensed consolidated statements of operations were $379 and $1,137 for the three and nine months ended September 30, 2020, respectively. Based on management's analysis, there was no impairment for the three and nine months ended September 30, 2020 and 2019.