Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 9 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 13 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    March 31, 2021     June 30, 2020  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (13,740,208 )     (16,045,322 )
Accumulated Amortization     (28,997,634 )     (25,808,598 )
Net Balance   $ 4,507,155     $ 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 $4,507,155 will be amortized over the next 2.5 years. Amortization expense for the three and nine months ended March 31, 2021 was $455,988 and $1,338,625, respectively. Amortization expense for the three and nine months ended March 31, 2020 was $464,322 and $1,386,092, respectively.

 

(B) Future Amortization

 

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

 

Period ended:      
March 31, 2022   $ 1,899,819  
March 31, 2023     1,899,819  
March 31, 2024     707,517  
    $ 4,507,155