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INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2015

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 March 31, 2015 and December 31, 2014:

		March 31, 2015
		Gross Carrying Amount				Accumulated Amortization				Net Amount				Weighted- Average Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^®software patent		$	31,951			$	(2,995	)		$	28,956				14.5
Development costs of corporate website			91,743				(91,743	)			—				n/a
Approved hormone therapy drug candidate patents			439,184				(25,593	)			413,591				17.75
Non-amortizing intangible assets:
Hormone therapy drug candidate patents (pending)			691,465				—				691,465				n/a
Multiple trademarks for vitamins/supplements			124,738				—				124,738				n/a
Total		$	1,379,081			$	(120,331	)		$	1,258,750

		December 31, 2014
		Gross Carrying Amount				Accumulated Amortization				Net Amount				Weighted- Average 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

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. The average enforceable life of patents is 20 years. We amortize the intangible asset related to OPERA® using the straight-line method over the estimated remaining useful life of approximately 15 years. We amortize the approved hormone therapy drug candidate patents using straight-line method over the estimated remaining useful life of approximately 18 years. During the three months ended March 31, 2015 and 2014, there was no impairment recognized.

In addition to numerous pending patent applications, as of March 31, 2015, we had nine 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;

•

eight 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, Israel, Mexico, Brazil, Japan, Russia, South Africa and South Korea.

Subsequent to March 31, 2015, two additional patents were issued related to our combination progesterone and estradiol formulations.

Amortization expense was $6,691 and $5,946 for the three months ended March 31, 2015 and 2014, respectively. Estimated amortization expense for the next five years is as follows:

Year Ending December 31,				Estimated Amortization
	2015 (9 months)			$	20,074
	2016			$	26,765
	2017			$	26,765
	2018			$	26,765
	2019			$	26,765