Intangible Assets

9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 12 - INTANGIBLE ASSETS

Intangible assets consisted of the following:

	As of			As of
	March 31, 2018			June 30, 2017
Product Licenses - Cost	$	47,244,997		$	47,244,997
Effect of Translation Adjustment		(6,141,253	)		(3,134,488	)
Accumulated Amortization		(27,570,124	)		(27,067,358	)
Net Balance	$	13,533,620		$	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 $13,533,620 will be amortized over the next 5.25 years. Amortization expense for the three and nine months ended March 31, 2018 was $652,956 and $2,026,503, respectively. Amortization expense for the three and nine months ended March 31, 2017 was $694,118 and $2,082,355, respectively.

(B) Future Amortization

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

Year ended:
March 31, 2019	$	2,516,328
March 31, 2020		2,516,328
March 31, 2021		2,516,328
March 31, 2022		2,516,328
March 31, 2023		2,516,328
Thereafter		951,980
	$	13,533,620