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