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INTANGIBLE ASSETS
9 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Disclosure [Text Block]
NOTE 8      -
INTANGIBLE ASSETS
 
Costs to acquire intangible assets are capitalized and if such assets are determined to have a finite useful life, amortized to expense on a straight-line method over this finite useful life. Costs to acquire intangible assets that are determined to be indefinitely lived, such as Abbreviated New Drug Applications (“ANDA’s”) are capitalized, but not amortized to expense.
 
Patent application costs capitalized were incurred in relation to the Company’s abuse deterrent opioid technology. Amortization of such patent costs will begin upon the issuance of marketing authorization by the FDA of a product incorporating such patented technology and be calculated on a straight line basis through the expiry of the related patent(s).
 
All intangible assets are tested for impairment on at least an annual basis, or sooner should events or changes in circumstances occur that may indicate a potential impairment of a listed intangible asset.
 
As of December 31, 2015 and March 31, 2015, the following costs were recorded as intangible assets on the Company’s balance sheet:
 
 
 
December 31,
 
March 31,
 
 
 
2015
 
2015
 
Intangible assets at beginning of fiscal year
 
 
 
 
 
 
 
Patent application costs
 
$
334,457
 
$
302,602
 
ANDA acquisitions
 
 
6,047,317
 
 
6,047,317
 
Less: Accumulated Amortization
 
 
 
 
 
Net Intangible Assets at beginning of fiscal year
 
$
6,381,774
 
$
6,349,919
 
 
 
 
 
 
 
 
 
Intangible asset costs capitalized during the fiscal year
 
 
 
 
 
 
 
Patent application costs
 
$
26,158
 
$
31,855
 
ANDA acquisition costs
 
 
 
 
 
Total cost of intangible assets capitalized
 
$
26,158
 
$
31,855
 
 
 
 
 
 
 
 
 
Intangible assets at end of fiscal period
 
 
 
 
 
 
 
Patent application costs
 
$
360,615
 
$
334,457
 
ANDA acquisitions
 
 
6,047,317
 
 
6,047,317
 
Less: Accumulated Amortization
 
 
 
 
 
Net Intangible Assets
 
$
6,407,932
 
$
6,381,774