Annual report pursuant to Section 13 and 15(d)

Intangible Assets, Net (Tables)

v3.22.1
Intangible Assets, Net (Tables)
12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of allocation of purchase price of the acquisition
Tangible Assets Acquired:   Allocation   
Net working capital   $ (1,186,622 )
Right of use asset     40,093  
Lease liability     (46,970 )
Net Tangible Assets Acquired   $ (1,193,499 )
          
Intangible Assets Acquired:           
Brain Scientific trade name   $ 133,000  
MemoryMD trade name     533,000  
Neurocap trade name     188,000  
Neuro EEG trade name     11,000  
Customer relationships     (29,000 )
NeuroCap developed technology     10,242,000  
NeuroEEG developed technology     35,000  
Total Fair Value of Assets Acquired   $ 11,113,000  
          
Consideration:           
Fair value of equity received     7,240,222  
Liabilities assumed     2,978,152  
Loans forgiven     605,311  
Goodwill   $ 913,184  

 

Schedule of acquired intangible assets
  Preliminary         Average
  Fair
Value
   

  Estimated

Life

Patent products     $ 10,277,000     3.3 - 15.4
Licenses and trademarks       865,000     9
Customer/distribution list       (29,000)     12.5
    $ 11,113,000        
Accumulated amortization     (192,423 )    
Total     10,920,577