Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
3 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 13 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
   

September 30,

2021

   

June 30,

2021

 
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (16,197,429 )     (14,440,001 )
Accumulated Amortization     (27,864,251 )     (28,900,340 )
Net Balance   $ 3,183,317     $ 3,904,656  

 

(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 $3,183,317 will be amortized over the next 2.0 years. Amortization expense for the three months ended September 30, 2021 and 2020 was $440,284 and $432,772, respectively.

 

(B) Future Amortization

 

Estimated amortization expense of intangible assets is as follows:

 

Period ended:        
September 30, 2022   $ 1,701,347  
September 30, 2023     1,481,970  
Net Balance   $ 3,183,317