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NOTE 7 - OTHER INTANGIBLE ASSETS
12 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
NOTE 7 - OTHER INTANGIBLE ASSETS

NOTE 7 - OTHER INTANGIBLE ASSETS

 

Other intangible assets, net of accumulated amortization, at June 30, 2020 and 2019 are comprised of:

 

    As of June 30,
    2020   2019
Capitalized software development costs   $ 7,004,847     $ 7,004,847  
Patents and copyrights     5,081,721       4,964,199  
Non-competition agreements     4,100,000       4,100,000  
Customer relationships     3,800,000       3,800,000  
      19,986,568       19,869,046  
Less: Accumulated amortization     15,877,439       15,113,371  
    $ 4,109,129     $ 4,755,675  

 

The estimated amortization of other intangible assets for the five years ending June 30, 2025 and thereafter is as follows:

 

For the Years Ending June 30,   Total   Patents and Copyrights   Non-
competition
  Customer Relationships
  2021     $ 370,631     $ 180,631     $ —       $ 190,000  
  2022       369,241       179,241       —         190,000  
  2023       372,700       182,700       —         190,000  
  2024       372,399       182,399       —         190,000  
  2025       359,378       169,378       —         190,000  
  Thereafter       2,264,780       808,113       —         1,456,667  
        $ 4,109,129     $ 1,702,462     $ —       $ 2,406,667  

 

The weighted average amortization period for other intangible assets is 12.0 years and they have no expected residual value.

 

 Information related to the above intangible assets for the years ended June 30, 2020 and 2019 is as follows:

 

    As of June 30,
    2020   2019
Balance – Beginning of Year   $ 4,755,675     $ 5,601,656  
Amounts capitalized     117,522       128,393  
Software or patents written off     —         —    
Amortization     (764,068 )     (974,374 )
Balance – End of Year   $ 4,109,129     $ 4,755,675  

 

Amortization of patents and copyrights for the years ended June 30, 2020 and 2019 amounted to $183,592 and $198,660, respectively.

 

Capitalized software development costs were fully amortized as of June 30, 2018.

 

Amortization of non-competition agreements for the years ended June 30, 2020 and 2019 amounted to $390,476 and $585,714, respectively.

 

Amortization of customer relationships for the years ended June 30, 2020 and 2019 amounted to $190,000 and $190,000, respectively.