Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v2.4.1.9
INTANGIBLE ASSETS
 6 Months Ended
Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

 

Intangible assets at March 31, 2015 and September 30, 2014, consist of:

 

    March 31, 
2015		   September 30,
2014
License rights   $ 17,712,991     $ 17,712,991  
Patent costs     200,000       800,000  
      17,912,991       18,512,991  
Accumulated amortization     (1,017,515 )     (702,591 )
Total intangible assets, net   $ 16,895,476     $ 17,810,400  

 

During the three and six month periods ended March 31, 2015, the Company recognized $278,032 and $576,018 in amortization expense on the patent and license rights, respectively.

 

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 $339,906 in unamortized patent costs have been written off.