Intangible Assets

6 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 13 - INTANGIBLE ASSETS

Intangible assets consisted of the following:

	As of			As of
	December 31, 2020			June 30, 2020
Product Licenses - Cost	$	47,244,997		$	47,244,997
Effect of Translation Adjustment		(14,779,667	)		(16,045,322	)
Accumulated Amortization		(27,711,787	)		(25,808,598	)
Net Balance	$	4,753,543		$	5,391,077

(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 $4,753,543 will be amortized over the next 2.75 years. Amortization expense for the three and six months ended December 31, 2020 was $449,865 and $882,637, respectively. Amortization expense for the three and six months ended December 31, 2019 was $465,169 and $921,770, respectively.

(B) Future Amortization

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

Period ended:
December 31, 2021	$	1,814,714
December 31, 2022		1,814,714
December 31, 2023		1,124,115
	$	4,753,543