Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.22.2.2
INTANGIBLE ASSETS
 3 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 13 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    September 30, 2022     June 30, 2022  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (21,828,001 )     (19,914,206 )
Accumulated Amortization     (24,306,379 )     (25,743,121 )
Net Balance   $ 1,110,617     $ 1,587,670  

 

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 $1,110,617 will be amortized over one year. Amortization expense for the three months ended September 30, 2022 and 2021 was $322,820 and $440,284, respectively.