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INTANGIBLE ASSETS
 9 Months Ended
Sep. 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 September 30, 2014 and December 31, 2013:

 

   September 30, 2014
   Gross
Carrying
Amount		  Accumulated
Amortization		  Net
Amount		  Weighted-
Average
Remaining
Amortization
Period (yrs.)
Amortizing intangible assets:                     
   OPERA® software patent  $31,951   $(1,997)  $29,954    15 
   Development costs of                    
      corporate website   91,743    (91,743)   —      n/a 
   Approved hormone                    
      therapy drug                    
      candidate patents   387,806    (13,616)   374,190    18.25 
                     
Non-amortizing intangible                    
  assets:                     
   Hormone therapy drug                    
      candidate patents   340,059    —      340,059    n/a 
      (pending)                    
   Multiple trademarks for                    
      vitamins/supplements   97,538    —      97,538    n/a 
      Total  $949,097   $(107,356)  $841,741      

 

 

   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 amortized 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 nine months ended September 30, 2014 and 2013, there was no impairment recognized.

 

Amortization expense was $5,625 and $3,255 for the three months ended September 30, 2014 and 2013, respectively and $17,196 and $9,764 for the nine months ended September 30, 2014 and 2013, respectively. Estimated amortization expense for the next five years is as follows:

 

Year Ending
December 31,		   Estimated
Amortization
2014 (3 months)   $5,625
2015   $22,500
2016   $22,500
2017        $22,500
2018   $22,500