INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2014

Intangible Assets Tables

Intangible assets

As of September 30, 2014 and December 31, 2013, intangible assets related to this acquisition are summarized as follows:

				2014				2013
	Estimated			Accumulated
	Life	Cost		Amortization		Net		Net
Contract related intangible asset:
Cato Research discounted contract	3 years	$	355,000	$	355,000	$	—	$	—
Technology related intangible assets:
Patents for the AzoneTS-based product candidates and formulation	4 years		1,305,000		—		1,305,000		1,305,000
Drug Master Files containing formulation, clinical and safety documentation used by the FDA	4 years		1,500,000		—		1,500,000		1,500,000
In-process pharmaceutical products for 2 indications	4 years		6,820,000		—		6,820,000		6,820,000
Total technology related intangible assets			9,625,000		—		9,625,000		9,625,000
Total, net		$	9,980,000	$	355,000	$	9,625,000	$	9,625,000

Intangible assets related to technology are expected to be amortized on a straight-line basis over

Amortization expense

Estimated amortization expense for each of the next five calendar years is as follows:

	Estimated Amortization Expense
2014	$	—
2015	$	—
2016	$	1,480,800
2017	$	2,961,600
2018	$	2,961,600