| 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 December 31, 2019:
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Gross Carrying
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Accumulated
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Net Book
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Amount
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Amortization
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Value
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Intangible assets with finite lives:
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Developed technology - PREBOOST®
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$
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2,400,000
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$
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584,407
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$
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1,815,593
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Covenants not-to-compete
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500,000
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226,190
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273,810
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Total intangible assets with finite lives
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2,900,000
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810,597
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2,089,403
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Acquired in-process research and development assets
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18,000,000
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—
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18,000,000
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Total intangible assets
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$
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20,900,000
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$
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810,597
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$
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20,089,403
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The gross carrying amounts and net book value of intangible assets are as follows at September 30, 2019:
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Gross Carrying
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Accumulated
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Net Book
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Amount
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Amortization
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Value
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Intangible assets with finite lives:
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Developed technology - PREBOOST®
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$
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2,400,000
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$
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523,172
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$
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1,876,828
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Covenants not-to-compete
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500,000
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208,333
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291,667
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Total intangible assets with finite lives
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2,900,000
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731,505
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2,168,495
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Acquired in-process research and development assets
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18,000,000
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—
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18,000,000
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Total intangible assets
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$
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20,900,000
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$
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731,505
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$
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20,168,495
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For the three months ended December 31, 2019 and 2018, amortization expense was approximately $79,000 and $77,000, respectively.
Goodwill
The carrying amount of goodwill at December 31, 2019 and September 30, 2019 was $6.9 million. There was no change in the balance during the three months ended December 31, 2019 and 2018.
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