Intangible Assets

3 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Intangible Assets

The following table summarizes the activity of intangible assets for the first fiscal quarter ended December 31, 2014:

	December 31, 2014			September 30, 2014
Other intangible assets:
Patent license agreement	$	4,550,000		$	4,550,000
Royalty agreements		16,620,565			16,620,565
Technology		5,961,110			6,190,083
Customer relationships		1,860,000			1,860,000
Trade name		282,433			291,486
Other		50,386			50,386
Total intangible assets		29,324,494			29,562,520
Accumulated amortization		(3,389,500	)		(2,818,894	)
Intangible assets, net of accumulated amortization	$	25,934,994		$	26,743,626

The intangible assets summarized above were purchased on various dates from January 2010 through December 2014. The assets have useful lives ranging from three to ten years. Amortization expense for the three months ended December 31, 2014 and 2013 was $470,993 and $221,632, respectively.