Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

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Intangible Assets
 3 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

    As of September 30,     As of June 30,  
    2017     2017  
             
Product Licenses - Cost   $ 47,244,997     $ 47,244,997  
Effect of Translation Adjustment     (3,501,449 )     (3,134,488 )
Accumulated Amortization     (27,603,627 )     (27,067,358 )
Net Balance   $ 16,139,921     $ 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 $16,139,921 will be amortized over the next 5.75 years. Amortization expense for the three months ended September 30, 2017 and 2016 was $690,327 and $700,666, respectively.

 

(B) Future Amortization

 

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

 

Year ended:      
September 30, 2018   $ 2,743,467  
September 30, 2019     2,743,467  
September 30, 2020     2,743,467  
September 30, 2021     2,743,467  
September 30, 2022     2,743,467  
Thereafter     2,422,586  
    $ 16,139,921