Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.4
Intangible Assets
 6 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 13 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    December 31, 2020     June 30, 2020  
             
Product Licenses - Cost   $                47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (14,779,667 )     (16,045,322 )
Accumulated Amortization     (27,711,787 )     (25,808,598 )
Net Balance   $ 4,753,543     $ 5,391,077  

 

(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 $4,753,543 will be amortized over the next 2.75 years. Amortization expense for the three and six months ended December 31, 2020 was $449,865 and $882,637, respectively. Amortization expense for the three and six months ended December 31, 2019 was $465,169 and $921,770, respectively.

 

(B) Future Amortization

 

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

 

Period ended:      
December 31, 2021   $ 1,814,714  
December 31, 2022     1,814,714  
December 31, 2023     1,124,115  
    $ 4,753,543