Intangible Assets

9 Months Ended

Mar. 31, 2022

Intangible Assets

Intangible Assets

4. Intangible Assets

The Company’s intangible assets consist of intellectual property acquired from LAT Pharma, Inc. and are amortized over their estimated useful lives.

The following is a summary of the intangible assets as of March 31, 2022 and June 30, 2021:

	March 31, 2022			June 30, 2021
Intellectual Property	$	2,293,770		$	2,293,770
Less Accumulated Amortization		(1,369,953	)		(1,197,921	)
Intellectual Property, Net	$	923,817		$	1,095,849

Amortization expense was $57,344 in each of the three-month periods ended March 31, 2022 and 2021. Amortization expense for the nine-month period ended March 31, 2022 and 2021 was $172,032 and $172,032 respectively. The Company amortizes intellectual property over the expected original useful lives of 10 years.

Estimated future amortization expense is as follows:

Year ending June 30, 2022 (Remaining three months)	$	57,346
2023		229,377
2024		229,377
2025		229,377
2026		178,340
	$	923,817