Note 3 - Intangible Assets

Intangible assets at December 31, 2021 and 2020 consisted of the following:

 Summary of Intangible Assets

Amortization expense was $790,488 and $795,328 for the years ended December 31, 2021 and 2020, respectively and is included within research and development expense in the accompanying consolidated statements of operations. As of December 31, 2021, estimated amortization expense will be approximately $788,000 per year for the next 10 years.

Our gross intangible assets consist primarily of costs we capitalized related to the acquisition of license rights to PCS499 from CoNCERT Pharmaceuticals. Inc. (“CoNCERT”) for shares of our common stock that had an issue date fair value of $8 million, $1,782 in transaction costs and $3,037,147 associated with the initial recognition of an offsetting deferred tax liability related to the acquired temporary difference for an asset purchased that is not a business combination and has a tax basis of $1,782 in accordance with ASC 740-10-25-51 Income Taxes. In accordance with ASC Topic 730, Research and Development, we capitalized the costs of acquiring the exclusive license rights to PCS499 from CoNCERT, as the exclusive license rights represented intangible assets to be used in research and development activities that management believed had future alternative uses.