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

6 Months Ended

Mar. 31, 2022

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 were as follows at March 31, 2022:


	Gross Carrying		Accumulated		Net Book
	Amount		Amortization		Value
Intangible asset with finite life:
Covenants not-to-compete	$	500,000	$	386,905	$	113,095
Indefinite-lived intangible assets:
Acquired in-process research and development assets		3,900,000		—		3,900,000
Total intangible assets	$	4,400,000	$	386,905	$	4,013,095

The gross carrying amounts and net book value of intangible assets were as follows at September 30, 2021:


	Gross Carrying		Accumulated		Net Book
	Amount		Amortization		Value
Intangible asset with finite life:
Covenants not-to-compete	$	500,000	$	351,190	$	148,810
Indefinite-lived intangible assets:
Acquired in-process research and development assets		3,900,000		—		3,900,000
Total intangible assets	$	4,400,000	$	351,190	$	4,048,810

Amortization expense was approximately $18,000 for the three months ended March 31, 2022 and 2021 and approximately $36,000 and $78,000 for the six months ended March 31, 2022 and 2021, respectively.

Goodwill

The carrying amount of goodwill at March 31, 2022 and September 30, 2021 was $6.9 million. There was no change in the balance during the six months ended March 31, 2022 and 2021.