Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 9 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 14 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    March 31, 2020     June 30, 2019  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (15,833,112 )     (15,343,727 )
Accumulated Amortization     (25,531,126 )     (24,568,320 )
Net Balance   $ 5,880,759     $ 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 $5,880,759 will be amortized over the next 3.5 years. Amortization expense for the three and nine months ended March 31, 2020 was $464,322 and $1,386,092, respectively. Amortization expense for the three and nine months ended March 31, 2019 was $520,455 and $1,646,153, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
March 31, 2021   $ 1,748,286  
March 31, 2022     1,748,286  
March 31, 2023     1,748,286  
March 31, 2024     635,901  
    $ 5,880,759