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PATENT COSTS
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9 Months Ended |
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Jun. 30, 2012
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| Patent Costs | |
| 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 Company’s previously announced strategy to create a rollup of undervalued biotechnology companies and assets. As of June 30, 2012, 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 has been paid in full.
The Company amortizes its patents over the life of each patent. During the nine months ended June 30, 2012 and 2011, the Company recognized $58,666 and $58,726 in amortization expense on the patents, respectively. The amortization expense has been included in research and development expense.
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