Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.23.3
INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2023
Intangible Assets  
INTANGIBLE ASSETS

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

SCHEDULE OF INTANGIBLE ASSETS

    As of     As of  
    June 30, 2023     June 30, 2022  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (24,756,959 )     (19,914,206 )
Accumulated Amortization     (22,360,107 )     (25,743,121 )
Net Balance   $ 127,931     $ 1,587,670  

 

Product Licenses

 

Product licenses include internally-developed software cost. Product licenses are amortized on a straight-line basis over their respective lives, and the unamortized amount of $127,931 will be amortized over one month. Amortization expense for the years ended June 30, 2023 and 2022 was $1,171,641 and $1,632,764, respectively.