Intangible Assets

12 Months Ended

Dec. 31, 2021

Intangible Assets

Intangible Assets

6)    Intangible Assets

Balance at December 31, 2019	$	38,811,137
Amortization expense		(6,650,218)
Balance at December 31, 2020		32,160,919
Amortization expense		(6,867,770)
Balance at December 31, 2021	$	25,293,149

The future annual amortization related to the Company’s intangible assets is as follows:

2022	$	6,191,740
2023		5,445,729
2024		4,650,787
2025		2,716,011
2026		2,201,720
Thereafter		4,087,162
Total	$	25,293,149

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 December 31, 2021 are $19.1 million, $4.9 million and $1.3 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2020 were $24.6 million, $5.9 million and $1.6 million, respectively.