Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.19.3
Intangible Assets
 3 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 14 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    September 30, 2019     June 30, 2019  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (14,558,721 )     (15,343,727 )
Accumulated Amortization     (25,526,854 )     (24,568,320 )
Net Balance   $ 7,159,422     $ 7,332,950  

 

(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 $7,159,422 will be amortized over the next 4 years. Amortization expense for the three months ended September 30, 2019 and 2018 was $456,601 and $585,708, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
September 30, 2020   $ 1,852,626  
September 30, 2021     1,852,626  
September 30, 2022     1,852,626  
September 30, 2023     1,601,544  
    $ 7,159,422