Veru Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets and Goodwill

Intangible Assets and Goodwill

9 Months Ended

Jun. 30, 2020

Intangible Assets and Goodwill [Abstract]

Intangible Assets and Goodwill

Note 7 – Intangible Assets and Goodwill

Intangible Assets

The gross carrying amounts and net book value of intangible assets are as follows at June 30, 2020:


	Gross Carrying		Accumulated		Net Book
	Amount		Amortization		Value
Intangible assets with finite lives:
Developed technology - PREBOOST®	$	2,400,000	$	706,876	$	1,693,124
Covenants not-to-compete		500,000		261,905		238,095
Total intangible assets with finite lives		2,900,000		968,781		1,931,219
Acquired in-process research and development assets		18,000,000		—		18,000,000
Total intangible assets	$	20,900,000	$	968,781	$	19,931,219

The gross carrying amounts and net book value of intangible assets are as follows at September 30, 2019:


	Gross Carrying		Accumulated		Net Book
	Amount		Amortization		Value
Intangible assets with finite lives:
Developed technology - PREBOOST®	$	2,400,000	$	523,172	$	1,876,828
Covenants not-to-compete		500,000		208,333		291,667
Total intangible assets with finite lives		2,900,000		731,505		2,168,495
Acquired in-process research and development assets		18,000,000		—		18,000,000
Total intangible assets	$	20,900,000	$	731,505	$	20,168,495

For the three months ended June 30, 2020 and 2019, amortization expense was approximately $79,000 and $77,000, respectively. For the nine months ended June 30, 2020 and 2019, amortization expense was approximately $237,000 and $232,000, respectively.

Goodwill

The carrying amount of goodwill at June 30, 2020 and September 30, 2019 was $6.9 million. There was no change in the balance during the nine months ended June 30, 2020 and 2019.