Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.19.2
Intangible Assets
 12 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of June 30,     As of June 30,  
    2019     2018  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (15,343,727 )     (7,857,270 )
Accumulated Amortization     (24,568,320 )     (27,140,531 )
Net Balance   $ 7,332,950     $ 12,247,196  

 

(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 $7,332,950 will be amortized over the next 4.25 years. Amortization expense for the years ended June 30, 2019 and 2018 was $2,138,432 and $2,645,901, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
June 30, 2020   $ 1,783,775  
June 30, 2021     1,783,775  
June 30, 2022     1,783,775  
June 30, 2023     1,783,775  
June 30, 2024     197,850  
    $ 7,332,950