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INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2016

Intangible Assets, Net (Excluding Goodwill) [Abstract]

INTANGIBLE ASSETS, NET

NOTE 8 – INTANGIBLE ASSETS, NET

The following table sets forth the gross carrying amount and accumulated amortization of our intangible assets as of March 31, 2016 and December 31, 2015:

		March 31, 2016
		Gross Carrying Amount				Accumulated Amortization				Net Amount				Weighted- Average Remaining Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^®software patent		$	31,951			$	(4,993	)		$	26,958				13.5
Development costs of corporate website			91,743				(91,743	)			—				n/a
Approved hormone therapy drug candidate patents			779,777				(60,579	)			719,198				16.75
Hormone therapy drug candidate patents (pending)			787,149				—				787,149				n/a
Non-amortizing intangible assets:
Multiple trademarks for vitamins/supplements			161,241				—				161,241				indefinite
Total		$	1,851,861			$	(157,315	)		$	1,694,546

		December 31, 2015
		Gross Carrying Amount				Accumulated Amortization				Net Amount				Weighted- Average Remaining Amortization Period (yrs.)
Amortizing intangible assets:
OPERA^®software patent		$	31,951			$	(4,493	)		$	27,458				13.75
Development costs of corporate website			91,743				(91,743	)			—				n/a
Approved hormone therapy drug candidate patents			705,752				(49,845	)			655,907				17
Hormone therapy drug candidate patents (pending)			774,165				—				774,165				n/a
Non-amortizing intangible assets:
Multiple trademarks for vitamins/supplements			157,721				—				157,721				indefinite
Total		$	1,761,332			$	(146,081	)		$	1,615,251

We capitalize external costs, consisting primarily of legal costs, related to securing our patents and trademarks. Once a patent is granted, we amortize the approved hormone therapy drug candidate patents using the straight-line method over the estimated useful life of approximately 20 years, which is the life of intellectual property patents. If the patent is not granted, we write-off any capitalized patent costs at that time. Trademarks are perpetual and are not amortized. As of March 31, 2016, the remaining life related to OPERA® patent was approximately 14 years and the remaining life related to the approved hormone therapy drug candidate patents was approximately 17 years.

In addition to numerous pending patent applications, as of March 31, 2016, we had sixteen issued patents, including:

	·	twelve utility patents that relate to our combination progesterone and estradiol product candidates, 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, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa, and South Korea;
	·	two utility patents that relate to TX-004HR, our applicator-free vaginal estradiol softgel product candidate, which establish an important intellectual property foundation for TX-004HR, which are owned by us and are U.S. jurisdiction patents with expiration dates in 2033. We have pending patent applications with respect to certain of these patents in Argentina, Australia, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa, and South Korea;
	·	one utility patent that relates to a pipeline transdermal patch technology, which is owned by us and is a U.S. jurisdiction patent with an expiration date in 2032. We have pending patent application with respect to this patent in Australia, Brazil, Canada, Europe, Mexico, and Japan; and
	·	one utility 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.

Subsequent to March 31, 2016, one additional patent was issued relating to our progesterone and estradiol product candidates.

Amortization expense was $11,234 and $6,691 for the three months ended March 31, 2016 and 2015, respectively. Estimated amortization expense for the next five years is as follows:

Year Ending December 31,			Estimated Amortization
2016 (9 months)			$	33,701
2017			$	44,934
2018			$	44,934
2019			$	44,934
2020			$	44,934