Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 12 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

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