INTANGIBLE ASSETS

6 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 4 —INTANGIBLE ASSETS

At December 31, 2021 and June 30, 2021, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $55,413 and $65,906, respectively. The patents are recorded at cost and amortized over twenty years from the date of application. Amortization expense for the three and six months ended December 31, 2021, was $3,814 and $7,741, respectively. Amortization expense for the three and six months ended December 31, 2020 was $3,947 and $7,859, respectively.

At December 31, 2021 and 2020, indefinite life intangibles assets consisted of a license agreement classified as In-Process Research and Development (“IPR&D”) intangible assets, which are not amortizable until the intangible asset provides economic benefit, and goodwill.

At December 31, 2021 and June 30, 2021, definite and indefinite-life intangible assets consisted of the following:

	Useful Life	June 30, 2021			Period Change			Effect of Currency Translation			December 31 , 2021
Definite Life Intangible Assets
Patents	20 Years	$	316,115		$	—		$	(14,145	)	$	301,970
Less Accumulated Amortization			(250,209	)		(7,741	)		11,393			(246,557	)
Net Definite-Life Intangible Assets		$	65,906		$	(7,741	)	$	(2,752	)	$	55,413
Indefinite Life Intangible Assets
License Agreement		$	154,824,000			—			—		$	154,824,000
Goodwill			11,640,000			—			—			11,640,000
Total Indefinite Life Intangible Assets		$	166,464,000			—			—		$	166,464,000

Expected future amortization expense is as follows:

Year ending June 30,
2022	$	4,661
2023		15,154
2024		15,154
2025		15,154
2026		5,290
Thereafter		—
Total	$	55,413

During February 2018, the Company acquired a License Agreement (as licensee) to an HIV therapy which consists of a perpetual, fully paid-up, royalty-free, sub-licensable, and sole and exclusive worldwide license to research, develop, use, sell, have sold, make, have made, offer for sale, import and otherwise commercialize certain intellectual property in cellular therapies for the prevention, treatment, amelioration of and/or therapy exclusively for HIV in humans, and research and development exclusively relating to HIV in humans. Because the HIV License Agreement is considered an IPR&D intangible asset it is classified as an indefinite life asset that is tested annually for impairment.

Impairment – Following the fourth quarter of each year, management performs its annual test of impairment of intangible assets by performing a quantitative assessment and determines if it is more likely than not that, the fair value of the asset is greater than or equal to the carrying value of the asset. The results of the quantitative assessment supported Management’s conclusion that an impairment adjustment was not required as of June 30, 2021, and no impairment is deemed necessary as of December 31, 2021.