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Intangible Assets
 3 Months Ended 12 Months Ended
Sep. 30, 2019
Jun. 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 
4. Intangible Assets

 

Intellectual property, stated at cost, less accumulated amortization consists of the following:

 

   June 30, 2019  June 30, 2018
       
Intellectual Property  $2,293,770   $2,293,770 
Less Accumulated Amortization   (739,167)   (509,790)
Intellectual Property, Net  $1,554,603   $1,783,980 

 

Amortization expense amounted to $229,377 and $229,377 for the years ended June 30, 2019 and 2018, respectively. The Company amortizes intellectual property over the expected original useful lives of 10 years.

 

Estimated future amortization expense is as follows:

 

Year ending June 30,   
2020   229,377 
2021   229,377 
2022   229,377 
2023   229,377 
2024   229,377 
Thereafter   407,718 
   $1,554,603