Intangible Assets

6 Months Ended

Jun. 30, 2023

Intangible Assets

Intangible Assets

6)    Intangible Assets

Balance at December 31, 2021	$	25,293,149
Amortization expense		(5,588,665)
Intangible Impairment		(7,460,000)
Balance at December 31, 2022		12,244,484
Amortization expense		(1,648,480)
Balance at June 30, 2023	$	10,596,004

The future annual amortization related to the Company’s intangible assets is as follows as of June 30, 2023:

2023 (remaining 6 months)	$	1,624,267
2024		2,800,623
2025		1,754,328
2026		1,442,186
2027		1,212,871
Thereafter		1,761,729
Total	$	10,596,004

The intangible assets held by the Company are the Stendra® product, Timm Medical product, and PTV product and are being amortized over their estimated useful lives of 10 years, 12 years, and 12 years, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of June 30, 2023 are $6.0 million, $3.6 million and $1.0 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2022 were $7.2 million, $4.0 million and $1.1 million, respectively. During the year ended December 31, 2022, the Company determined that the intangible asset related to the Stendra® product was impaired resulting in an impairment charge of approximately $7.5 million.