Note 6 - Intangible Assets, Net

12 Months Ended

Dec. 31, 2015

Intangible Assets Disclosure [Text Block]

6.	Intangible Assets, Net

Intangible assets were as follows:

	December 31, 2015						December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, net

In-process research and development costs (IPR&D)	$	6,449,628	$	—	$	6,449,628	$	6,449,628	$	—	$	6,449,628

During the second quarter of 2015, the Company performed its annual review for impairment of IPR&D intangible asset as prescribed in ASC 350 and determined that there had been no impairment to this asset. In connection with an impairment of the Company’s goodwill as discussed in note 7 below, the Company re-assessed the IPR&D asset for impairment and concluded there was no impairment of the IPR&D asset for the year ended December 31, 2015.

For the years ending December 31, 2015 and 2014, the Company recorded amortization expense on finite lived intangible assets of $0 and $554,338, respectively, within depreciation and amortization on the consolidated statements of operations. In the fourth quarter of 2014, the Company strategically decided that its initial focus would be its development efforts with respect to RES-529 on ophthalmology (specifically age-related macular degeneration) and oncology (specifically glioblastoma multiforme) and RES-440 on dermatology (specifically acne vulgaris). Based on the Company’s decision to abandon its development efforts on the Canterbury cosmeceutical finite lived intangible assets and the Canterbury IPR&D asset, the Company determined that the carrying value of such assets was no longer recoverable. The Company recorded an impairment of its intangible assets of $6,670,345 on its consolidated statements of operations as of December 31, 2014. The impairment consisted of $3,035,000 of impairment of the IPR&D asset and $3,635,345 of impairment of finite lived intangible assets.