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Intangible Assets | 6 Months Ended
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Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 8 – INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | Product Licenses |  |  | Customer Lists |  |  | Technology |  |  | Total |
Intangible Assets - June 30, 2014 - Cost |  | $ | 48,632,368 |  |  | $ | 6,052,377 |  |  | $ | 242,702 |  |  | $ | 54,927,447 |
Additions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Effect of Translation Adjustment |  |  | (2,208,657 | ) |  |  | - |  |  |  | - |  |  |  | (2,208,657 | )
Accumulated Amortization |  |  | (20,479,959 | ) |  |  | (5,965,465 | ) |  |  | (242,702 | ) |  |  | (26,688,126 | )
Net Balance - December 31, 2014 |  | $ | 25,943,752 |  |  | $ | 86,912 |  |  | $ | - |  |  | $ | 26,030,664 |
(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 $25,943,752 will be amortized over the next 9.25 years. Amortization expense for the three and six months ended December 31, 2014 was $868,690 and $1,751,365, respectively. Amortization expense for the three and six months ended December 31, 2013 was $523,825 and $957,384, respectively. (B) Customer Lists Customer lists are being amortized on a straight-line basis over five years, which approximates the anticipated rate of attrition. The unamortized balance of $86,912 will be amortized over the next 1.75 years. Amortization expense for the three and six months ended December 31, 2014 was $12,636 and $26,004, respectively. Amortization expense for the three and six months ended December 31, 2013 was $18,832 and $48,880, respectively. (C) Technology Technology assets are being amortized on a straight-line basis over five years, which approximates the anticipated rate of attrition. Amortization expense for the three and six months ended December 31, 2014 was $114,368. Amortization expense for the three and six months ended December 31, 2013 was $12,658 and $24,777 respectively. (D) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Year ended: |  |  |
December 31, 2015 |  | $ | 3,349,208 |
December 31, 2016 |  |  | 3,130,881 |
December 31, 2017 |  |  | 3,093,637 |
December 31, 2018 |  |  | 3,093,637 |
December 31, 2019 |  |  | 3,026,353 |
Thereafter |  |  | 10,336,950 |
|  | $ | 26,030,664 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
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