LICENSE AND PATENT |
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| LICENSE AND PATENT | 9. LICENSE AND PATENT
As of March 31, 2024 and December 31, 2023, License and patent consist of the following:
The term of licenses is a range from 1 to 3 years for certain products. The Company agrees to pay a royalty on sales of the Products during the term of licensee’s equivalent to 2 – 5% of gross product sales amounts (“GPSA”). Such royalty shall be payable only after the Licensor attains a GPSA of $20,000 to $30,000 in any calendar month and shall be payable on the entire GPSA for such period.
For the three months ended March 31, 2024 and 2023, the Company recorded amortization expense of $1,941 and $669 respectively.
The following table outlines the estimated future amortization expense related to intangible assets held as of March 31, 2024:
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