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NOTE 7 – INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended
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Sep. 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 September 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 September 30, 2020 and December 31, 2019:
|  | September 30, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Amount |  |  | Weighted- Average Remaining Amortization Period (yrs.) |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Approved hormone therapy drug candidate patents |  | $ | 4,108,745 |  |  | $ | (679,959 | ) |  | $ | 3,428,786 |  |  |  | 12.25 |
Hormone therapy drug candidate patents (pending) |  |  | 1,760,923 |  |  |  | — |  |  |  | 1,760,923 |  |  |  | n/a |
Non-amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multiple trademarks |  |  | 348,176 |  |  |  | — |  |  |  | 348,176 |  |  |  | indefinite |
TOTAL |  | $ | 6,217,844 |  |  | $ | (679,959 | ) |  | $ | 5,537,885 |  |  |  |  |
|  | 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: | Amortization expense was $69,977 and $51,259 for the three months ended September 30, 2020 and 2019, respectively, and $200,879 and $140,206 for the nine months ended September 30, 2020 and 2019, 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 |
| 2020 (3 months) |  |  | $ | 69,977 |
| 2021 |  |  | $ | 279,909 |
| 2022 |  |  | $ | 279,909 |
| 2023 |  |  | $ | 279,909 |
| 2024 |  |  | $ | 279,909 |

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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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