Intangible Assets

12 Months Ended

Jun. 30, 2014

Note 8. Intangible Assets

Intangible assets, net as of June 30, 2014 and 2013, consisted of the following:

	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	June 30, 2014		June 30, 2013		June 30, 2014			June 30, 2013			June 30, 2014		June 30, 2013

JSP Marketing and Distribution Rights	$	16,062	$	16,062	$	(16,062	)	$	(14,723	)	$	—	$	1,339
Cody Labs Import License	582		582		(232		)	(193		)	350		389
Morphine Sulfate Oral Solution NDA	202		398		(65		)	(51		)	137		347
Other ANDA Product Rights(A)	600		600		(160		)	(128		)	440		472
	$	17,446	$	17,642	$	(16,519	)	$	(15,095	)	$	927	$	2,547

(A) The amounts above include the product line covered by the ANDA’s purchased in August 2009 for $149 thousand. These ANDA’s are not being amortized at this time and will not be amortized until such time as the Company begins shipping these products.

For the fiscal years ended June 30, 2014, 2013 and 2012, the Company recorded amortization expense of $1.4 million, $1.9 million, and $1.9 million, respectively. There were no impairments related to intangible assets during fiscal year 2014, 2013 and 2012.

On September 30, 2013, the Company received a letter from the FDA indicating that a portion of the nonrefundable Morphine Sulfate Oral Solution NDA fee, originally estimated at $398 thousand, would be refunded to the Company. As a result of this letter, the Company adjusted the carrying value of the Morphine Sulfate Oral Solution NDA intangible asset. Further adjustments to the Morphine Sulfate Oral Solution NDA intangible asset may be necessary in the future should the Company receive additional refunds.

Future annual amortization expense consists of the following:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2015	$	82
2016	82
2017	82
2018	82
2019	79
Thereafter	371
	$	778