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NOTE 7 – INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

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

X

- Definition

Tabular disclosure of amortization expense of assets, excluding financial assets, that lack physical substance, having a limited useful life.

+ References

No definition available.

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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

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