Registration of securities issued in business combination transactions

INTANGIBLE ASSETS

v3.19.1
INTANGIBLE ASSETS
 6 Months Ended 12 Months Ended
Mar. 31, 2019
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS 

 

Intangible assets at March 31, 2019 and September 30, 2018: 

 

   

March 31, 

2019 

    

September 30, 

2018 

  
License Rights   $ 17,712,991     $ 17,712,991  
Patent Costs     100,000       100,000  
      17,812,991       17,812,991  
Accumulated Amortization and impairment     (10,527,540 )     (10,201,073 )
Total Intangible Assets   $ 7,285,451     $ 7,611,918  

  

During the three and six month periods ended March 31, 2018 the Company recognized $275,857 and $557,976, respectively, in amortization expense on the patents and license rights. During the three and six month periods ended March 31, 2019 the Company recognized $161,440 and $326,467, respectively, in amortization expense on the patents and license rights.

NOTE 4 – INTANGIBLE ASSETS 

 

Intangible assets at September 30, 2018 and 2017 consist of:

 

    2018     2017  
License Rights   $ 17,712,991     $ 17,712,991  
Patent Costs     100,000       200,000  
      17,812,991       17,912,991  
Accumulated Amortization and Impairment     (10,201,073 )     (3,825,389 )
Total Intangible Assets   $ 7,611,918     $ 14,087,602  

  

During the years ended September 30, 2018, and 2017, the Company recognized $1,114,349, and $1,120,617, respectively, in amortization expense on the patents and license rights. In addition, an impairment loss on the license rights related to the sustained release technology of $5,313,640 was recorded during the year ended September 30, 2018. 

 

In the year ended September 30, 2018, certain squalamine patents were sold for $508,078, resulting in a gain of $460,383. In addition, the Company is entitled to additional milestone payments up to $1.1 million and a royalty on future product sales, if any.

 

The estimated future amortization of intangibles for the next five years is as follows:

 

Years ending September 30,     Amortization Expense  
2019     $ 654,728  
2020       656,521  
2021       653,855  
2022       652,874  
2023       652,358  
Thereafter       4,341,583  
Total     $ 7,611,918