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Intangible Assets | 12 Months Ended
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Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets Intangible assets consisted of the following at December 31:
|  | 2015 |  | 2014
Product and license rights |  | $ | 18,011,362 |  |  | $ | 16,477,749 |
Less: accumulated amortization |  | (3,541,305 | ) |  | (2,225,949 | )
Total product and license rights |  | 14,470,057 |  |  | 14,251,800 |
Patents |  | 8,236,719 |  |  | 8,194,264 |
Less: accumulated amortization |  | (1,551,430 | ) |  | (877,523 | )
Total patents |  | 6,685,289 |  |  | 7,316,741 |
Trademarks |  | 22,270 |  |  | 9,020 |
Less: accumulated amortization |  | (9,020 | ) |  | (9,020 | )
Total trademarks |  | 13,250 |  |  | — |
Total intangible assets |  | $ | 21,168,596 |  |  | $ | 21,568,541 |
In February 2014, the Company acquired the rights of the branded prescription product Vaprisol from Astellas (discussed more fully in Note 3). The intangible asset value is $3.0 million and is included in product and license rights. The asset will be amortized through February 2022, the remaining expected useful life of the acquired asset, which coincides with the life of the primary intellectual property asset. During 2013, the Company entered into an agreement with Pernix to distribute and promote the branded prescription product Omeclamox-Pak. The $4.0 million upfront payment the Company paid to Pernix Therapeutics on October 29, 2013 (discussed more fully in Note 3) is included in product and license rights and will be amortized through June 2032, the remaining expected useful life of the acquired asset. The Company will continue to market and sell Omeclamox-Pak through its agreement with GEL and is now responsible for the supply chain, national accounts and all sales promotion. In 2011, the Company acquired the Kristalose trademark and FDA registration from Mylan Inc. The agreement requires the Company to make future quarterly payments over a seven-year period equal to a percentage of Kristalose net sales. The payments are being treated as consideration for the assets acquired and are being capitalized and amortized over the remaining expected useful life of the acquired asset, currently the remaining term of the 15 year agreement, through 2026. During 2015 and 2014, the Company paid $1.5 million and $1.3 million, respectively, to Mylan Inc. in Kristalose payments. During 2015 and 2014 the Company recorded an additional $0.1 million and $3.3 million, respectively, in intangible assets for patents, trademarks and capitalized patent costs, including amounts incurred in the protection of the Company's intellectual property. These costs will be amortized over the remaining expected useful life of the associated patents. Amortization expense related to product and license rights, trademarks and patents was $2.0 million, $1.6 million and $0.9 million during 2015, 2014 and 2013, respectively. The expected amortization expense for the Company's current balance of intangible assets are as follows:
Year ending December 31: |  |
2016 |  | $ | 2,103,553 |
2017 |  | 2,103,553 |
2018 |  | 2,103,553 |
2019 |  | 2,103,553 |
2020 and thereafter |  | 12,754,384 |
|  | $ | 21,168,596 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
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