Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.21.2
Intangible Assets
 12 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    June 30, 2021     June 30, 2020  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (14,440,001 )     (16,045,322 )
Accumulated Amortization     (28,900,340 )     (25,808,598 )
Net Balance   $ 3,904,656     $ 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 $3,904,656 will be amortized over the next 2.25 years. Amortization expense for the years ended June 30, 2021 and 2020 was $1,807,736 and $1,828,314, respectively.

 

(B) Future Amortization

 

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

 

Years ended:      
June 30, 2022   $ 1,839,736  
June 30, 2023     1,839,736  
June 30, 2024     225,184  
    $ 3,904,656