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Intangible Assets
 3 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Intangible Assets
4. Intangible Assets

 

The Company’s intangible assets consist of intellectual property acquired from LAP Pharma, Inc. and are amortized over their estimated useful lives. The following is a summary of the intangible assets as of September 30, 2019 and June 30, 2019:

 

   September 30, 2019  June 30, 2019
       
Intellectual Property  $2,293,770   $2,293,770 
Less Accumulated Amortization   (796,511)   (739,167)
Intellectual Property, Net  $1,497,259   $1,554,603 

 

Amortization expense for the three-month period ended September 30, 2019 and 2018 was $57,344 and $57,344 respectively.

 

Estimated future amortization expense is as follows:

 

Year ending June 30, 2020 (Remaining nine months)  $172,032 
2021   229,377 
2022   229,377 
2023   229,377 
2024   229,377 
2025   229,377 
Thereafter   178,342 
   $1,497,259