Intangible Assets

9 Months Ended

Mar. 31, 2024

Intangible Assets [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

The following table summarizes the Companies intangible assets:

	March 31, 2024			June 30, 2023
Intellectual property	$	1,736,420		$	1,736,420
Patents		1,191,000			1,191,000
Intangible assets		2,927,420			2,927,420
Less: accumulated amortization		(1,103,675	)		(981,141	)
Intangible assets, net	$	1,823,745		$	1,946,279

Acquired intellectual property is recorded at cost and is amortized on a straight-line basis over 18 years. Acquired patents consist of patents related to the development of small molecule drug candidates. This intangible asset is being amortized over an estimated useful life of 18 years. As of March 31, 2024, the definite-lived intangible assets had a weighted average estimated remaining useful life of approximately 12 years.

Amortization expense on intangible assets for the three months ended March 31, 2024 and 2023 was $40,993 and $40,103, respectively. Amortization expense on intangible assets for the nine months ended March 31, 2024 and 2023 was $122,531 and $122,089, respectively.

The Company expects amortization expense to be incurred over the next five years as follows:

Twelve months ending March 31,
2024	$	158,935
2025		158,935
2026		158,935
2027		158,935
2028		158,935
Thereafter		1,029,070
Total	$	1,823,745