Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.5.0.2
Intangible Assets
 3 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 9 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    September 30, 2016     June 30, 2016  
                 
Product Licenses - Cost   $ 47,244,997     $ 48,632,368  
Additions     -       -  
Deletion     -       (1,387,371 )
Effect of Translation Adjustment     (2,813,809 )     (3,323,518 )
Accumulated Amortization     (25,104,929 )     (24,247,446 )
Net Balance   $ 19,326,259     $ 19,674,033  

  

(A) 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 $19,326,259 will be amortized over the next 7.5 years. Amortization expense for the three months ended September 30, 2016 and 2015 was $700,666 and $701,518, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
September 30, 2017   $ 2,807,280  
September 30, 2018     2,807,280  
September 30, 2019     2,807,280  
September 30, 2020     2,807,280  
September 30, 2021     2,807,280  
Thereafter     5,289,859  
    $ 19,326,259