Intangible Assets

9 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 14 - INTANGIBLE ASSETS

Intangible assets consisted of the following:

	As of			As of
	March 31, 2020			June 30, 2019
Product Licenses - Cost	$	47,244,997		$	47,244,997
Effect of Translation Adjustment		(15,833,112	)		(15,343,727	)
Accumulated Amortization		(25,531,126	)		(24,568,320	)
Net Balance	$	5,880,759		$	7,332,950

(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 $5,880,759 will be amortized over the next 3.5 years. Amortization expense for the three and nine months ended March 31, 2020 was $464,322 and $1,386,092, respectively. Amortization expense for the three and nine months ended March 31, 2019 was $520,455 and $1,646,153, respectively.

(B) Future Amortization

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

Year ended:
March 31, 2021	$	1,748,286
March 31, 2022		1,748,286
March 31, 2023		1,748,286
March 31, 2024		635,901
	$	5,880,759