Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.6.0.2
Intangible Assets
 6 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 9 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of
December 31, 2016 		    As of
June 30, 2016 		 
             
Product Licenses - Cost   $ 47,244,997     $ 48,632,368  
Additions     -       -  
Deletions     -       (1,387,371 )
Effect of Translation Adjustment     (3,265,457 )     (3,323,518 )
Accumulated Amortization     (25,556,101 )     (24,247,446 )
Net Balance   $ 18,423,439     $ 19,674,033  

 

(A) Product Licenses

 

Product licenses include internally developed original license issues, renewals, enhancements, copyrights, trademarks, and trade names. Product licenses are amortized on a straight-line basis over their respective lives, and the unamortized amount of $18,423,439 will be amortized over the next 7.25 years. Amortization expense for the three and six months ended December 31, 2016 was $687,571 and $1,388,237, respectively. Amortization expense for the three and six months ended December 31, 2015 was $686,866 and $1,388,384, respectively.

 

(B) Future Amortization

 

Estimated amortization expense of intangible assets over the next five years is as follows:

 

Year ended:      
December 31, 2017   $ 2,777,259  
December 31, 2018     2,777,259  
December 31, 2019     2,777,259  
December 31, 2020     2,777,259  
December 31, 2021     2,777,259  
Thereafter     4,537,144  
    $ 18,423,439