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INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2018
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
INTANGIBLE ASSETS | NOTE 7 – INTANGIBLE ASSETS The following tables sets forth the gross carrying amount, accumulated amortization and net carrying amount of our intangible assets as of June 30, 2018 and December 31, 2017:
|  | June 30, 2018
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Amount |  | Weighted- Average Remaining Amortization Period (yrs.)
Amortizable intangible assets: |  |  |  |  |  |  |  |
OPERA® software patent |  | $ | 31,951 |  |  | $ | (9,486 | ) |  | $ | 22,465 |  |  |  | 11.25 |
Development costs of corporate website |  |  | 91,743 |  |  |  | (91,743 | ) |  |  | — |  |  |  | n/a |
Approved hormone therapy drug candidate patents |  |  | 1,662,562 |  |  |  | (216,934 | ) |  |  | 1,445,628 |  |  |  | 14.5 |
Hormone therapy drug candidate patents (pending) |  |  | 1,769,681 |  |  |  | — |  |  |  | 1,769,681 |  |  |  | n/a |
Non-amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multiple trademarks |  |  | 250,627 |  |  |  | — |  |  |  | 250,627 |  |  |  | indefinite |
Total |  | $ | 3,806,564 |  |  | $ | (318,163 | ) |  | $ | 3,488,401 |  |  |  |  |
|  | 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 |  |  |  |  |
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 three and six months ended June 30, 2018 and year ended December 31, 2017, there was no impairment recognized related to intangible assets. We have numerous pending foreign and domestic patent applications. As of June 30, 2018, we had 20 issued foreign patents and 19 issued domestic, or U.S., patents including:
| ● | 13 domestic utility patents that relate to our combination progesterone and estradiol product candidates, which are owned by us. These 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;
| ● | Three domestic patents that relate to Imvexxy®, our applicator-free vaginal estradiol softgel product. These patents establish an important intellectual property foundation for Imvexxy® and are owned by us. These domestic patents will expire in 2032 or 2033. In addition, we have pending patent applications related to Imvexxy® in the U.S., Argentina, Australia, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa, and South Korea;
| ● | One domestic utility patent that relates to our pipeline transdermal patch technology, which is owned by us. The domestic utility patent 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
| ● | 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.
| ● | One domestic utility patent that relates to TX-009HR, our progesterone and estradiol product candidate, which is owned by us and will expire in 2037.
Amortization expense was $24,826 and $17,789 for the three months ended June 30, 2018 and 2017, respectively and $46,023 and $33,888 for the six months ended June 30, 2018 and 2017, respectively. Estimated amortization expense for the next five years for the patent cost currently being amortized is as follows:
Year Ending December 31, |  | Estimated Amortization
| 2018(6 months) |  |  | $ | 49,652 |
| 2019 |  |  | $ | 99,304 |
| 2020 |  |  | $ | 99,304 |
| 2021 |  |  | $ | 99,304 |
| 2022 |  |  | $ | 99,304 |
| Thereafter |  |  | $ | 1,021,225 |

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