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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS

  

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

  

   December 31, 2014
   Gross Carrying Amount  Accumulated Amortization  Net  
Amount		  Weighted- Average  
Remaining Amortization Period (yrs.)
Amortizing intangible assets:            
OPERA® software patent  $31,951   $(2,496)  $29,455    14.75 
Development costs of corporate website  91,743    (91,743)   —      n/a 
Approved hormone therapy drug candidate patents   439,184    (19,401)   419,783    18 
                     
Non-amortizing intangible assets:                    
Hormone therapy drug candidate patents (pending)   675,982    —      675,982    n/a 
Multiple trademarks for vitamins/supplements   103,368    —      103,368    n/a 
Total  $1,342,228   $(113,640)  $1,228,588      

 

   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 years ended December 31, 2014 and 2013, there was no impairment recognized.

  

In addition to numerous pending patent applications, as of December 31, 2014, we had 4 issued patents, including:

 

•one method patent that relates to our OPERA® information technology platform, which is owned by us and is a U.S. jurisdiction patent with an expiration date in 2029; and

 

•

 

3 utility patents that relate to our combination progesterone and estradiol formulations, which are owned by us and are U.S. jurisdiction patents with expiration dates in 2032. We have pending patent applications with respect to certain of these patents in Argentina, Australia, Canada, the European Union, Mexico, Brazil, Japan, Russia, South Africa and South Korea.

 

Subsequent to December 31, 2014, 1 additional patent was issued related to our combination progesterone and estradiol formulations.

 

Amortization expense was $23,480, $10,262 and $28,776 for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, the estimated amortization expense for the next five years is as follows:

 

Year Ending December 31,  Estimated Amortization
2015   $25,138 
2016   $25,138 
2017   $25,138 
2018   $25,138 
2019   $25,138