Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.3.1.900
Intangible Assets
 6 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 8 – INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of     As of  
    December 31, 2015     June 30, 2015  
             
Product Licenses - Cost   $ 48,632,368     $ 48,632,368  
Additions     -       -  
Effect of Translation Adjustment     (3,295,489 )     (2,325,008 )
Accumulated Amortization     (24,459,168 )     (23,491,893 )
Net Balance   $ 20,877,711     $ 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 $20,877,711 will be amortized over the next 8.25 years. Amortization expense for the three and six months ended December 31, 2015 was $686,866 and $1,388,384, respectively. Amortization expense for the three and six months ended December 31, 2014 was $868,690 and $1,751,365, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
December 31, 2016   $ 2,738,817  
December 31, 2017     2,738,817  
December 31, 2018     2,738,817  
December 31, 2019     2,738,817  
December 31, 2020     2,738,817  
Thereafter     7,183,626  
    $ 20,877,711