Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 6 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 14 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    December 31, 2019     June 30, 2019  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (14,099,205 )     (15,343,727 )
Accumulated Amortization     (26,352,946 )     (24,568,320 )
Net Balance   $ 6,792,846     $ 7,332,950  

 

(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 $6,792,846 will be amortized over the next 3.75 years. Amortization expense for the three and six months ended December 31, 2019 was $465,169 and $921,770, respectively. Amortization expense for the three and six months ended December 31, 2018 was $539,990 and $1,125,698, respectively.

 

(B) Future Amortization

 

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

 

Year ended:        
December 31, 2020     $ 1,878,349  
December 31, 2021       1,878,349  
December 31, 2022       1,878,349  
December 31, 2023       1,157,799  
      $ 6,792,846