Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.2.0.727
INTANGIBLE ASSETS
 9 Months Ended
Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 3 - INTANGIBLE ASSETS

 

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

 

    June 30, 
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     (1,297,374 )     (702,591 )
Total intangible assets, net   $ 16,615,617     $ 17,810,400  

 

During the three and nine month periods ended June 30, 2015, the Company recognized $279,860 and $855,877 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 $338,906 in unamortized patent costs have been written off (Patent cost of $600,000 less $261,094 previously amortized).