Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 12 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS
NOTE 5 – INTANGIBLE ASSETS
Intangible assets at September 30, 2016 and 2015 consist of:

 

    2016     2015  
                 
License rights   $ 17,712,991     $ 17,712,991  
Patent costs     200,000       200,000  
      17,912,991       17,912,991  
Accumulated amortization     (2,704,772 )     (1,580,128 )
    $ 15,208,219     $ 16,332,863  

 

During the years ended September 30, 2016, 2015, and 2014, the Company recognized $1,124,644, $1,138,631, and $448,456, 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 OHR/AVR118 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		  
2017 $ 1,120,616  
2018   1,117,731  
2019   1,116,449  
2020   1,119,508  
2021   1,115,577  
Thereafter   9,618,338  
Total $ 15,208,219