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INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 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 June 30, 2015 and December 31, 2014:

 

   June 30, 2015
   Gross Carrying Amount  Accumulated Amortization  Net   Amount  Weighted- Average Amortization Period (yrs.)
Amortizing intangible assets:            
 OPERA® software patent  $31,951   $(3,495)  $28,456    14.25 
 Development costs of
 corporate website		   91,743    (91,743)   —     
n/a		 
 Approved hormone
 therapy drug
 candidate patents		   483,961    (32,006)   451,955    17.5 
Non-amortizing intangible
 assets:		    
 		     
 		     
 		     
 		 
 Hormone therapy drug
 candidate patents
 (pending)		   678,213    —    678,213     
 
n/a		 
 Multiple trademarks for
 vitamins/supplements		   135,152    —    135,152     
n/a		 
 Total  $1,421,020   $(127,244)  $1,293,776      

 

   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. We amortize the intangible asset related to OPERA® using the straight-line method over the estimated remaining useful life of approximately 15 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 remaining useful life of approximately 18 years. During the three and six months ended June 30, 2015 and 2014, there was no impairment recognized.

 

In addition to numerous pending patent applications, as of June 30, 2015, we had 11 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;

·ten 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.

 

Amortization expense was $6,913 and $5,625 for the three months ended June 30, 2015 and 2014, respectively and $13,604 and $11,570 for the six months ended June 30, 2015 and 2014, respectively. Estimated amortization expense for the next five years is as follows:

 

Year Ending
December 31,		  Estimated
Amortization
 2015 (6 months)   $13,553 
 2016   $27,106 
 2017   $27,106 
 2018   $27,106 
 2019   $27,106