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INTANGIBLE ASSETS, NET | 12 Months Ended
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Dec. 31, 2016
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
INTANGIBLE ASSETS | NOTE 7 – INTANGIBLE ASSETS, NET The following table sets forth the gross carrying amount, accumulated amortization and net carrying amount of our intangible assets as of December 31, 2016 and 2015:
|  | December 31, 2016 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Amount |  |  | Weighted- Average Remaining Amortization Period (yrs.) |
Amortizing intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERA® software patent |  | $ | 31,951 |  |  | $ | (6,490 | ) |  | $ | 25,461 |  |  |  | 12.75 |
Development costs of corporate website |  |  | 91,743 |  |  |  | (91,743 | ) |  |  | — |  |  |  | n/a |
Approved hormone therapy drug candidate patents |  |  | 1,093,452 |  |  |  | (102,393 | ) |  |  | 991,059 |  |  |  | 16 |
Hormone therapy drug candidate patents (pending) |  |  | 1,203,987 |  |  |  | — |  |  |  | 1,203,987 |  |  |  | n/a |
Non-amortizing intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multiple trademarks |  |  | 185,465 |  |  |  | — |  |  |  | 185,465 |  |  |  | indefinite |
TOTAL |  | $ | 2,606,598 |  |  | $ | (200,626 | ) |  | $ | 2,405,972 |  |  |  |  |
|  | 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-amortizable 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. During the years ended December 31, 2016 and 2015, there was no impairment recognized related to intangible assets. In addition to numerous pending patent applications, as of December 31, 2016, we had 17 issued patents, including:
| ● | 13 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 and 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;
| ● | 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 applications with respect to this technology in Australia, Brazil, Canada, Europe, Mexico, Japan, and South Africa; 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.
Amortization expense was $54,545, $32,441 and $23,480 for the years ended December 31, 2016, 2015, and 2014, respectively. Estimated amortization expense, based on current patent cost being amortized, for the next five years is as follows:
Year Ending December 31, |  |  | Estimated Amortization |
| 2017 |  |  | $ | 63,938 |
| 2018 |  |  | $ | 63,938 |
| 2019 |  |  | $ | 63,938 |
| 2020 |  |  | $ | 63,938 |
| 2021 |  |  | $ | 63,938 |
| Thereafter |  |  | $ | 696,830 |

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