Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 6 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 11 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
   

December 31,

2023

    

June 30,

2023

  
             
Product Licenses - Cost   $ 39,395,533     $ 47,244,997  
Effect of Translation Adjustment     (24,427,792 )     (24,756,959 )
Accumulated Amortization     (14,967,741 )     (22,360,107 )
Net Balance   $ -     $ 127,931  

 

Product Licenses

 

Product licenses include internally developed software cost. Product licenses are amortized on a straight-line basis over their respective lives. Amortization expense for the three and six months ended December 31, 2023, was $nil and $126,041, respectively. Amortization expense for the three and six months ended December 31, 2022, was $322,672 and $645,492, respectively.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2023

(Unaudited)