Intangible Assets

12 Months Ended

Dec. 31, 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		(3,272,747)
Balance at December 31, 2023	$	8,971,737

The future annual amortization related to the Company’s intangible assets is as follows as of December 31, 2023:

2024	$	2,800,623
2025		1,754,329
2026		1,442,186
2027		1,212,871
2028		996,637
Thereafter		765,091
Total	$	8,971,737

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, 2023, are $4.9 million, $3.2 million and $0.9 million, respectively. The carrying value of the Stendra® product, Timm Medical product, and PTV product as of December 31, 2022, are $7.2 million, $4.0 million and $1.1 million, respectively. During the year ended December 31, 2023, no impairment was recorded. 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.