Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
9 Months Ended
Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    March 31, 2018     June 30, 2017  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (6,141,253 )     (3,134,488 )
Accumulated Amortization     (27,570,124 )     (27,067,358 )
Net Balance   $ 13,533,620     $ 17,043,151  

 

(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 $13,533,620 will be amortized over the next 5.25 years. Amortization expense for the three and nine months ended March 31, 2018 was $652,956 and $2,026,503, respectively. Amortization expense for the three and nine months ended March 31, 2017 was $694,118 and $2,082,355, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
March 31, 2019   $ 2,516,328  
March 31, 2020     2,516,328  
March 31, 2021     2,516,328  
March 31, 2022     2,516,328  
March 31, 2023     2,516,328  
Thereafter     951,980  
    $ 13,533,620