Annual report pursuant to Section 13 and 15(d)

Intangible Assets

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Intangible Assets
 12 Months Ended
Jun. 30, 2018
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,  
    2018     2017  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (7,857,270 )     (3,134,488 )
Accumulated Amortization     (27,140,531 )     (27,067,358 )
Net Balance   $ 12,247,196     $ 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 $12,247,196 will be amortized over the next 5.25 years. Amortization expense for the years ended June 30, 2018 and 2017 was $2,645,901 and $2,776,473, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
June 30, 2019   $ 2,389,405  
June 30, 2020     2,389,405  
June 30, 2021     2,389,405  
June 30, 2022     2,389,405  
June 30, 2023     2,389,405  
Thereafter     300,171  
    $ 12,247,196