Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v3.23.1
INTANGIBLE ASSETS
 9 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    March 31, 2023     June 30, 2022  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (24,664,606 )     (19,914,206 )
Accumulated Amortization     (22,198,513 )     (25,743,121 )
Net Balance   $ 381,878     $ 1,587,670  

 

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 $381,878 will be amortized over one year. Amortization expense for the three and nine months ended March 31, 2023, was $275,652 and $921,144, respectively. Amortization expense for the three and nine months ended March 31, 2022 was $407,111 and $1,261,664, respectively.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

March 31, 2023

(Unaudited)