Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.7.0.1
Intangible Assets
 12 Months Ended
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 11 – INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of June 30,     As of June 30,  
    2017     2016  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (3,134,488 )     (3,323,518 )
Accumulated Amortization     (27,067,358 )     (24,247,446 )
Net Balance   $ 17,043,151     $ 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 $17,043,151 will be amortized over the next 6.75 years. Amortization expense for the years ended June 30, 2017 and 2016 was $2,776,473 and $2,765,018, respectively.

 

(B) Future Amortization

 

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

 

Year ended:        
June 30, 2018     $ 2,778,585  
June 30, 2019       2,778,585  
June 30, 2020       2,778,585  
June 30, 2021       2,778,585  
June 30, 2022       2,778,585  
Thereafter       3,150,226  
      $ 17,043,151