INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 4 —INTANGIBLE ASSETS

At March 31, 2022, and June 30, 2021, definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes of $50,596 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 nine months ended March 31, 2022, was $3,730 and $11,471, respectively. Amortization expense for the three and nine months ended March 31, 2021, was $4,012 and $11,871, respectively.

At March 31, 2022, and 2021, indefinite life intangible 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 March 31, 2022, 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			March 31, 2022
Definite Life Intangible Assets
Patents	20 Years	$	316,115		$	—		$	(20,255	)	$	295,860
Less Accumulated Amortization			(250,209	)		(11,471	)		16,416			(245,264	)
Net Definite-Life Intangible Assets		$	65,906		$	(11,471	)	$	(3,839	)	$	50,596
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	$	873
2023		15,154
2024		15,154
2025		15,154
2026		4,261
Thereafter		—
Total	$	50,596

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 March 31, 2022.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS