Intangible Assets

–

Amortizable

The Company currently holds the following intangible asset portfolios as of

December 31, 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, and the Acquired customer lists.

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

December 31, 2020

and

June 30, 2020

, respectively.

	December 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Impairment		Net Carrying Amount		Weighted-Average Remaining Life (in years)
Licensed assets	$	23,649,000	$	(8,200,000	)	$	-	$	15,449,000		11.72
Acquired product technology right		22,700,000		(2,648,000	)		-		20,052,000		8.84
Acquired product distribution rights		11,354,000		(1,319,000	)		-		10,035,000		7.27
Acquired customer lists		390,000		(227,000	)		-		163,000		0.62
	$	58,093,000	$	(12,394,000	)	$	-	$	45,699,000		9.44

	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		7.78
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	$	3,157,000
2022		6,085,000
2023		6,045,000
2024		6,033,000
2025		4,480,000
Thereafter		19,899,000
	$	45,699,000

Certain of the Company's amortizable intangible assets include renewal options, extending the expected life of the asset. The renewal periods range between approximately

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

$0.9

million for the

three

months ended

December 31, 2020

and

2019

, respectively. Amortization expense of intangible assets was

$3.2

million and

$1.5

million for the

six

months ended

December 31, 2020

and

2019

, respectively.