Intangible Assets

9 Months Ended

Mar. 31, 2015

Intangible Assets

Intangible Assets

Note 9.  Intangible Assets

Intangible assets, net as of March 31, 2015 and June 30, 2014, consisted of the following:

	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	March 31, 2015		June 30, 2014		March 31, 2015			June 30, 2014			March 31, 2015		June 30, 2014
Cody Labs Import License	582		582		(261		)	(232		)	321		350
Morphine Sulfate Oral Solution NDA	202		202		(74		)	(65		)	128		137
Other ANDA Product Rights	900		600		(183		)	(160		)	717		440
	$	1,684	$	1,384	$	(518	)	$	(457	)	$	1,166	$	927

For the three months ended March 31, 2015 and 2014, the Company incurred amortization expense of $20 thousand and $467 thousand, respectively.  For the nine months ended March 31, 2015 and 2014, the Company incurred amortization expense of $61 thousand and $1.4 million, respectively.  There were no impairments related to intangible assets during each of the three and nine months ended March 31, 2015 and 2014.

Future annual amortization expense consisted of the following as of March 31, 2015:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2015	$	20
2016	82
2017	82
2018	82
2019	79
Thereafter	372
	$	717

The amounts above do not include the product line covered by the ANDA purchased in August 2009 for $149 thousand and ANDAs purchased in September 2014 for $300 thousand.  Amortization on these assets will begin when the Company begins shipping the product.