Intangible Assets

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Intangible Assets

Intangible assets as of the balance sheet dates consisted of the following:

	March 31, 2016			December 31, 2015
Licensed patents and patent rights	$	50,000		$	50,000
Patents		41,044			41,044
NuRx licensed technology		13,200			13,200
Less: accumulated amortization		(86,438	)		(84,295	)
Intangibles, net	$	17,806		$	19,949

The Company’s intangible assets consist of patents, licensed patents and patent rights, are carried at the legal cost to obtain them. Costs to renew or extend the term of intangible assets are expensed when incurred. In 2008, through our formerly majority owned subsidiary, the Company also held technology licenses and other acquired intangibles. Intangible assets are amortized using the straight-line method over the estimated useful life. Useful lives are as follows:

Asset Categories	Estimated Useful Life in Years
Patents		17
Patents under licensing		10
Intangibles acquired in 2008 (weighted average)		15

Amortization expense for the three months ended March 31, 2016 and 2015 totaled $2,143 and $2,143, respectively.

Patent under Licensing

The Company licenses patent rights and know-how for certain hemorrhoid treatment pads and related coatings from The Procter & Gamble Company. The five-year license agreement was entered into July 2006 and has a five-year automatic renewal option.  Although the Company renewed the agreement in 2011, payments have been suspended due to the Company’s current financial condition.  The Company has subsequently filed for a patent to address the technology used in its treated miniforms, which was issued during 2015.