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Purchase of LAT Pharma (Tables)
 6 Months Ended 12 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Purchase Of Lat Pharma Tables    
Schedule of Assets and Liabilities of LAT Pharma, Inc.

The assets and liabilities of LAT Pharma, Inc. were recorded at their respective fair values as of the closing date of the Merger Agreement, and the following table summarizes these values based on the balance sheet at April 11, 2016. 

$2,303,682   Assets Purchased
 260,193   Liabilities Assumed
 2,043,489   Net Assets Purchased
 2,389,200   Purchase Price
$345,711   Goodwill from Purchase

 

Intangible asset detail 

 

$2,293,770   Intangible Intellectual Property
 345,711   Goodwill
$2,639,481   Intangible Asset from Purchase

 

Under the 338(h)(10) election, all goodwill and intangibles related to the acquisition of LAT Pharma will be fully deductible for tax purposes.

 

The intangible intellectual property is amortized over 10 years.

   December 2016  December 2015
Intangible Assets subject to Amortization  $2,293,770   $—   
Amortization Expense in current year  $57,344   $—   
Accumulated Amortization at year end  $165,724   $—   

 

The assets and liabilities of LAT Pharma, Inc. were recorded at their respective fair values as of the closing date of the Merger Agreement, and the following table summarizes these values based on the balance sheet at April 11, 2016. 

 

$ 2,303,682     Assets Purchased
  260,193     Liabilities Assumed
  2,043,489     Net Assets Purchased
  2,389,200     Purchase Price
$ 345,711     Goodwill from Purchase

 

Intangible asset detail 

 

$ 2,293,770     Intangible Intellectual Property
  345,711     Goodwill
$ 2,639,481     Intangible Asset from Purchase

 

The intangible intellectual property is amortized over 10 years.

 

    June 2016   June 2015
Intangible Assets subject to Amortization   $ 2,293,770     $ —    
Amortization Expense in current year   $ 51,036     $ —    
Accumulated Amortization at year end   $ 51,036     $ —