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NOTE 7 – INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
The following table sets forth the gross carrying amount, accumulated amortization and net carrying amount of our intangible assets as of June 30, 2020 and December 31, 2019: | The following table sets forth the gross carrying amount, accumulated amortization and net carrying amount of our intangible assets as of June 30, 2020 and December 31, 2019:
|  | June 30, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Amount |  |  | Weighted- Average Remaining Amortization Period (yrs.) |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Approved hormone therapy drug candidate patents |  | $ | 3,997,263 |  |  | $ | (609,982 | ) |  | $ | 3,387,281 |  |  |  | 12.5 |
Hormone therapy drug candidate patents (pending) |  |  | 2,216,911 |  |  |  | — |  |  |  | 2,216,911 |  |  |  | n/a |
Non-amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multiple trademarks |  |  | 338,681 |  |  |  | — |  |  |  | 338,681 |  |  |  | indefinite |
TOTAL |  | $ | 6,552,855 |  |  | $ | (609,982 | ) |  | $ | 5,942,873 |  |  |  |  |
|  | December 31, 2019 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Amount |  |  | Weighted- Average Remaining Amortization Period (yrs.) |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Approved hormone therapy drug candidate patents |  | $ | 3,463,082 |  |  | $ | (478,983 | ) |  | $ | 2,984,099 |  |  |  | 13 |
Hormone therapy drug candidate patents (pending) |  |  | 1,979,299 |  |  |  | — |  |  |  | 1,979,299 |  |  |  | n/a |
Non-amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multiple trademarks |  |  | 294,813 |  |  |  | — |  |  |  | 294,813 |  |  |  | indefinite |
TOTAL |  | $ | 5,737,194 |  |  | $ | (478,983 | ) |  | $ | 5,258,211 |  |  |  |  |
Estimated amortization expense, based on current patent cost being amortized, for the next five years is as follows | Estimated amortization expense, based on current patent cost being amortized, for the next five years is as follows:
Year Ending December 31, |  |  | Estimated Amortization |
2020 (6 months) |  |  | $ | 135,495 |
2021 |  |  | $ | 270,990 |
2022 |  |  | $ | 270,990 |
2023 |  |  | $ | 270,990 |
2024 |  |  | $ | 270,990 |

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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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