Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 12 Months Ended
Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 – INTANGIBLE ASSETS

 

Intangible assets at September 30, 2014 and 2013 consist of:

 

    2014     2013  
License Rights   $ 17,712,991     $ —  
Patent Costs     800,000       800,000  
      18,512,991       800,000  
Accumulated Amortization     (702,591 )     (254,135 )
Total Intangible Assets   $ 17,810,400     $ 545,865  

 

During the years ended September 30, 2014, 2013 and 2012, the Company recognized $448,456, $77,789 and $78,273, respectively, in amortization expense on the patents. The amortization expense has been included in research and development expense.