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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 8 – INTANGIBLE ASSETS

 

The following table sets forth the gross carrying amount and accumulated amortization of our intangible assets as of June 30, 2014 and December 31, 2013:

 

   June 30, 2014 
   Gross Carrying Amount   Accumulated Amortization   Net
Amount		   Weighted- Average Remaining Amortization Period (yrs.) 
Amortizing intangible assets:                    
                     
OPERA® software patent  $31,951   $(1,498)  $30,453    15.25 
                     
Development costs of corporate website   91,743    (91,743)   —    n/a 
                     
Approved hormone therapy drug candidate patents   387,806    (8,489)   379,317    18.75 
                     
Non-amortizing intangible assets:                    
                     
Hormone therapy drug candidate patents (pending)   381,369    —    381,369    n/a 
                     
Multiple trademarks for vitamins/supplements   75,968    —    75,968    n/a 
 Total  $968,837   $(101,730)  $867,107      

 

   December 31, 2013 
   Gross Carrying Amount   Accumulated Amortization   Net
Amount		   Weighted- Average Remaining Amortization Period (yrs.) 
Amortizing intangible assets:                    
                     
OPERA® software patent  $31,951   $(499)  $31,452    15.8 
                     
Development costs of corporate website   91,743    (89,661)   2,082    0.3 
                     
Non-amortizing intangible assets:                    
                     
Hormone therapy drug candidate patents (pending)   572,726    —    572,726    n/a 
                     
Multiple trademarks for vitamins/supplements   59,328    —    59,328    n/a 
 Total  $755,748   $(90,160)  $665,588      

 

We amortize the intangible asset related to development costs for corporate website over 36 months, which is the prescribed life for software and website development costs. We amortize the intangible asset related to OPERA® using the straight-line method over the estimated useful life of approximately 20 years, which is the life of the intellectual property patents. We amortize the approved hormone therapy drug candidate patents using straight-line method over the estimated useful life of approximately 20 years. During the three and six months ended June 30, 2014 and 2013, there was no impairment recognized.

 

Amortization expense was $5,625 and $3,255 for the three months ended June 30, 2014 and 2013, respectively and $11,570 and $6,509 for the six months ended June 30, 2014 and 2013, respectively. Estimated amortization expense for the next five years is as follows:

 

Year Ending
December 31,		  Estimated
Amortization		 
2014 (6 months)  $11,250 
2015  $22,500 
2016  $22,500 
2017  $22,500 
2018  $22,500