Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.3.1.900
INTANGIBLE ASSETS
 12 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 5 - INTANGIBLE ASSETS

 

Intangible assets at September 30, 2015 and 2014 consist of:

 

 

    2015   2014
License Rights   $ 17,712,991     $ 17,712,991  
Patent Costs     200,000       800,000  
      17,912,991       18,512,991  
Accumulated Amortization     (1,580,128 )     (702,591 )
Total Intangible Assets   $ 16,332,863     $ 17,810,400  

 

 

During the years ended September 30, 2015, 2014, and 2013, the Company recognized $1,138,631, $448,456, and $77,789, respectively, in amortization expense on the patents. The amortization expense has been included in research and development expense.

 

In January 2015, the Company discontinued development of the OHR/AVR118 program. In connection with this decision, the patent portfolio is no longer being maintained and the remaining $338,906 in unamortized patent costs have been impaired (Patent cost of $600,000 less $261,094 previously amortized).

 

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

 

Years ending
September 30,		   Estimated
Amortization Expense
2016 $ 1,124,645
2017   1,120,616
2018   1,117,731
2019   1,116,449
2020   1,119,508
Total $ 5,598,949