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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2017

Intangible Assets, Net (Excluding Goodwill) [Abstract]

NOTE 6 – 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, 2017 and 2016:

	December 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizable intangible assets:
OPERA^® software patent	$	31,951	$	(8,487	)	$	23,464		11.75
Development costs of corporate website		91,743		(91,743	)		—		n/a
Approved hormone therapy drug candidate patents		1,293,614		(171,911	)		1,121,703		15
Hormone therapy drug candidate patents (pending)		1,721,305		—			1,721,305		n/a
Non-amortizable intangible assets:
Multiple trademarks		233,275		—			233,275		indefinite
TOTAL	$	3,371,888	$	(272,141	)	$	3,099,747

	December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizable 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-amortizable intangible assets:
Multiple trademarks for vitamins/supplements		185,465		—			185,465		indefinite
Total	$	2,606,598	$	(200,626	)	$	2,405,972

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, 2017 and 2016, there was no impairment recognized related to intangible assets.

We have numerous pending foreign and domestic patent applications. As of December 31, 2017, we had 18 issued domestic, or U.S., patents and 13 issued foreign patents, including:

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13 domestic and three foreign utility patents that relate to our combination progesterone and estradiol product candidates, which are owned by us. The domestic utility patents will expire in 2032. In addition, we have pending patent applications with respect to our combination progesterone and estradiol product candidates in the U.S., Argentina, Australia, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa, and South Korea;

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three domestic and 10 foreign patents that relate to TX-004HR, our applicator-free vaginal estradiol softgel product candidate. These patents establish an important intellectual property foundation for TX-004HR and are owned by us. These domestic patents will expire in 2033 or 2032. In addition, we have pending patent applications related to our applicator-free vaginal estradiol softgel product candidate in the U.S., Argentina, Australia, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa, and South Korea;

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one domestic utility patent that relates to a pipeline transdermal patch technology, which is owned by us and will expire in 2032. We have pending patent applications with respect to this technology in the U.S., Australia, Brazil, Canada, Europe, Mexico, Japan, and South Africa; and

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one utility patent that relates to our OPERA^® information-technology platform, which is owned by us and is a domestic patent that will expire in 2029.

Amortization expense was $71,516, $54,545, and $32,441 for the years ended December 31, 2017, 2016, and 2015, 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
	2018	$	76,777
	2019	$	76,777
	2020	$	76,777
	2021	$	76,777
	2022	$	76,777
	Thereafter	$	761,282