Annual report pursuant to Section 13 and 15(d)

Intangible Assets (Tables)

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Intangible Assets (Tables)
 12 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets

Intangible assets consisted of the following:

 

    As of June 30,     As of June 30,  
    2016     2015  
             
Product Licenses - Cost   $ 48,632,368     $ 48,632,368  
Additions     -       -  
Deletion     (1,387,371 )     -  
Effect of Translation Adjustment     (3,323,518 )     (2,325,008 )
Accumulated Amortization     (24,247,446 )     (23,491,893 )
Net Balance   $ 19,674,033     $ 22,815,467  

Estimated Amortization Expense of Intangible Assets Over Next Five Years

Estimated amortization expense of intangible assets over the next five years is as follows:

 

Year ended:      
June 30, 2017   $ 2,758,035  
June 30, 2018     2,758,035  
June 30, 2019     2,758,035  
June 30, 2020     2,758,035  
June 30, 2021     2,758,035  
Thereafter     5,883,858  
    $ 19,674,033