Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 8 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of
September 30, 2015 		    As of
June 30, 2015 		 
             
Product Licenses - Cost   $ 48,632,368     $ 48,632,368  
Additions     -       -  
Effect of Translation Adjustment     (2,828,772 )     (2,325,008 )
Accumulated Amortization     (23,966,491 )     (23,491,893 )
Net Balance   $ 21,837,105     $ 22,815,467  

 

(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 $21,837,105 will be amortized over the next 8.5 years. Amortization expense for the three months ended September 30, 2015 and 2014 was $701,518 and $882,675, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
September 30, 2016   $ 2,771,701  
September 30, 2017     2,771,701  
September 30, 2018     2,771,701  
September 30, 2019     2,771,701  
September 30, 2020     2,771,701  
Thereafter     7,978,599  
    $ 21,837,105