Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 6 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 13 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    December 31, 2022     June 30, 2022  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (21,549,533 )     (19,914,206 )
Accumulated Amortization     (24,894,425 )     (25,743,121 )
Net Balance   $ 801,039     $ 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 $801,039 will be amortized over one year. Amortization expense for the three and six months ended December 31, 2022, was $322,672 and $645,492, respectively. Amortization expense for the three and six months ended December 31, 2021was $414,269 and $854,553, respectively.