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Intangible Assets - Amortizable | 3 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets - Amortizable | The Company currently holds the following intangible asset portfolios as of September 30, 2020: (i) Licensed assets, which consist of pharmaceutical product assets that were acquired prior to July 1, 2020; (ii) Product technology rights, acquired from the November 1, 2019 acquisition of the Pediatric Portfolio from Cerecor; and, as a result of the Merger with Innovus on February 14, 2020, both, (iii) the Acquired product distribution rights; consisting of patents and trade names) acquired February 14, 2020. If acquired in an asset acquisition, the Company capitalized the acquisition cost of each licensed patent or tradename, which can include a combination of both upfront consideration, as well as the estimated future contingent consideration estimated at the acquisition date. If acquired in a business combination, the Company capitalizes the estimated fair value of the intangible asset or assets acquired, based primarily on a discounted cash flow model approach or relief-from-royalties model. The following table provides the summary of the Company’s intangible assets as of September 30, 2020 and June 30, 2020, respectively.
|  | September 30, 2020
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment |  | Net Carrying Amount |  | Weighted-Average Remaining Life (in years)
Licensed assets |  | $ | 23,649,000 |  |  | $ | (7,631,000 | ) |  | $ | — |  |  | $ | 16,018,000 |  |  |  | 11.80 |
Acquired product technology right |  |  | 22,700,000 |  |  |  | (2,081,000 | ) |  |  | — |  |  |  | 20,619,000 |  |  |  | 9.09 |
Acquired product distribution rights |  |  | 11,354,000 |  |  |  | (943,000 | ) |  |  | — |  |  |  | 10,411,000 |  |  |  | 4.37 |
Acquired customer lists |  |  | 390,000 |  |  |  | (162,000 | ) |  |  | — |  |  |  | 228,000 |  |  |  | 0.87 |
|  | $ | 58,093,000 |  |  | $ | (10,817,000 | ) |  | $ | — |  |  | $ | 47,276,000 |  |  |  | 8.93 |
|  | June 30, 2020
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment |  | Net Carrying Amount |  | Weighted-Average Remaining Life (in years)
Licensed assets |  | $ | 23,649,000 |  |  | $ | (7,062,000 | ) |  | $ | — |  |  | $ | 16,587,000 |  |  |  | 11.88 |
MiOXSYS Patent |  |  | 380,000 |  |  |  | (185,000 | ) |  |  | (195,000 | ) |  |  | — |  |  |  | — |
Acquired product technology right |  |  | 22,700,000 |  |  |  | (1,513,000 | ) |  |  | — |  |  |  | 21,187,000 |  |  |  | 9.34 |
Acquired product distribution rights |  |  | 11,354,000 |  |  |  | (565,000 | ) |  |  | — |  |  |  | 10,789,000 |  |  |  | 4.62 |
Acquired customer lists |  |  | 390,000 |  |  |  | (98,000 | ) |  |  | — |  |  |  | 292,000 |  |  |  | 1.12 |
|  | $ | 58,473,000 |  |  | $ | (9,423,000 | ) |  | $ | (195,000 | ) |  | $ | 48,855,000 |  |  |  | 9.11 |
The following table summarizes the estimated future amortization expense to be recognized over the next five years and periods thereafter:
|  | Amortization
| 2021 |  |  | $ | 4,735,000 |
| 2022 |  |  |  | 6,086,000 |
| 2023 |  |  |  | 6,046,000 |
| 2024 |  |  |  | 6,033,000 |
| 2025 |  |  |  | 4,479,000 |
| Thereafter |  |  |  | 19,897,000 |
|  |  |  | $ | 47,276,000 |
Certain of the Company’s amortizable intangible assets include renewal options, extending the expected life of the asset. The renewal periods range between approximately 1 to 20 years depending on the license, patent, or other agreement. Renewals are accounted for when they are reasonably assured. Intangible assets are amortized using the straight-line method over the estimated useful lives. Amortization expense of intangible assets was $1.6 million and $0.6 million for the three months ended September 30, 2020 and 2019, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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