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PATENT COSTS
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9 Months Ended |
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Jun. 30, 2011
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| Notes to Financial Statements | |
| PATENT COSTS |
NOTE 4 PATENT COSTS
Patent costs represent the capitalized purchase price of assets acquired in the secured party sale as part of the Companys previously announced strategy to create a rollup of undervalued biotechnology companies and assets. As of June 30, 2011, the Company had purchased $800,000 worth of biotechnology patents and other intellectual property. In these acquisitions, the Company used approximately $300,000 in cash and issued a $500,000 convertible debenture for the remainder of the cost which was secured by the acquired assets and was repaid.
The Company amortizes the patents over their remaining useful lives. During the nine months ended June 30, 2011 and 2010, the Company recognized $58,726 and $-0- in amortization expense on the patents, respectively. The amortization expense has been included in research and development expense.
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