Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 9 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 9 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of
March 31, 2017 		    As of
June 30, 2016 		 
             
Product Licenses - Cost   $ 47,244,997     $ 48,632,368  
Deletions     -       (1,387,371 )
Effect of Translation Adjustment     (3,363,688 )     (3,323,518 )
Accumulated Amortization     (26,218,536 )     (24,247,446 )
Net Balance   $ 17,662,773     $ 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 $17,662,773 will be amortized over the next 7 years. Amortization expense for the three and nine months ended March 31, 2017 was $694,118 and $2,082,355, respectively. Amortization expense for the three and nine months ended March 31, 2016 was $686,973 and $2,075,357, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
March 31, 2018   $ 2,766,955  
March 31, 2019     2,766,955  
March 31, 2020     2,766,955  
March 31, 2021     2,766,955  
March 31, 2022     2,766,955  
Thereafter     3,827,998  
    $ 17,662,773