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ACQUIRED INTANGIBLE ASSETS | 6 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
ACQUIRED INTANGIBLE ASSETS | ACQUIRED INTANGIBLE ASSETS
| As of December 31, 2020
| Cost |  | Accumulated Amortization |  | Net
Technology assets | $ | 1,009,581 |  |  | $ | (534,087) |  |  | $ | 475,494 |
Customer assets | 1,442,267 |  |  | (514,833) |  |  | 927,434 |
Total | $ | 2,451,848 |  |  | $ | (1,048,920) |  |  | $ | 1,402,928 |
| As of June 30, 2020
| Cost |  | Accumulated Amortization |  | Net
Technology assets | $ | 1,084,144 |  |  | $ | (502,376) |  |  | $ | 581,768 |
Customer assets | 1,434,832 |  |  | (404,036) |  |  | 1,030,796 |
Total | $ | 2,518,976 |  |  | $ | (906,412) |  |  | $ | 1,612,564 |
Where applicable, the above balances as of December 31, 2020 have been reduced to reflect the impact of intangible assets where the gross cost has become fully amortized during the six months ended December 31, 2020. The impact of this resulted in a reduction of $81.7 million to technology assets. The weighted average amortization periods for acquired technology and customer intangible assets are approximately five years and seven years, respectively. The following table shows the estimated future amortization expense for the fiscal years indicated. This calculation assumes no future adjustments to acquired intangible assets:
Fiscal years ending June 30, |
2021 (six months ended) | $ | 213,473 |
2022 | 399,956 |
2023 | 317,950 |
2024 | 236,259 |
2025 | 123,570 |
2026 and beyond | 111,720 |
Total | $ | 1,402,928 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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