INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 7 – INTANGIBLE ASSETS, NET

The following table sets forth the gross carrying amount, accumulated amortization and net carrying amount of our intangible assets as of December 31, 2015 and 2014:

	December 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizable intangible assets:
OPERA® software patent	$	31,951	$	(4,493	)	$	27,458		13.75
Development costs of corporate website		91,743		(91,743	)		—		n/a
Approved hormone therapy drug candidate patents		705,752		(49,845	)		655,907		17
Hormone therapy drug candidate patents (in process)		774,165		—			774,165		n/a
Non-amortizable intangible assets:
Multiple trademarks for vitamins/supplements		157,721		—			157,721		indefinite
Total	$	1,761,332	$	(146,081	)	$	1,615,251

	December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Amount		Weighted- Average Remaining Amortization Period (yrs.)
Amortizable intangible assets:
OPERA® software patent	$	31,951	$	(2,496	)	$	29,455		14.75
Development costs of corporate website		91,743		(91,743	)		—		n/a
Approved hormone therapy drug candidate patents		439,184		(19,401	)		419,783		18
Hormone therapy drug candidate patents (in process)		675,982		—			675,982		n/a
Non-amortizable intangible assets:
Multiple trademarks for vitamins/supplements		103,368		—			103,368		indefinite
Total	$	1,342,228	$	(113,640	)	$	1,228,588

We amortize the approved hormone therapy drug candidate patents using straight-line method over the estimated useful life of approximately 20 years, which is the life of intellectual property patents.. As of December 31, 2015, the remaining life related to OPERA® patent was approximately 14 years and the remaining life related to the approved hormone therapy drug candidate patents was approximately 17 years. During the years ended December 31, 2015 and 2014, there was no impairment recognized related to intangible assets.

In addition to numerous pending patent applications, as of December 31, 2015, we had fourteen issued patents, including:

·         12 utility patents that relate to our combination progesterone and estradiol product candidates, which are owned by us and are U.S. jurisdiction patents with expiration dates in 2032. We have pending patent applications with respect to certain of these patents in Argentina, Australia, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa and South Korea.

·         one utility patent that relates to TX-004HR, our applicator-free vaginal estradiol softgel product candidate, which establishes an important intellectual property foundation for TX-004HR, is owned by us and is a U.S. jurisdiction patent with an expiration date in 2033. We have pending patent applications with respect to this patent in Argentina, Australia, Brazil, Canada, Europe, Israel, Japan, Mexico, Russia, South Africa, and South Korea.

·         one utility patent that relates to our OPERA® information technology platform, which is owned by us and is a U.S. jurisdiction patent with an expiration date in 2029.    

Amortization expense was $32,441, $23,480, and $10,262 for the years ended December 31, 2015, 2014, and 2013, respectively. Estimated amortization expense for the next five years is as follows:

Year Ending December 31,		Estimated Amortization
	2016	$	40,580
	2017	$	40,580
	2018	$	40,580
	2019	$	40,580
	2020	$	40,580