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Intangible Assets | 6 Months Ended
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Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 9 - INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | As of December 31, 2016 |  |  | As of June 30, 2016 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 48,632,368 |
Additions |  |  | - |  |  |  | - |
Deletions |  |  | - |  |  |  | (1,387,371 | )
Effect of Translation Adjustment |  |  | (3,265,457 | ) |  |  | (3,323,518 | )
Accumulated Amortization |  |  | (25,556,101 | ) |  |  | (24,247,446 | )
Net Balance |  | $ | 18,423,439 |  |  | $ | 19,674,033 |
(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 $18,423,439 will be amortized over the next 7.25 years. Amortization expense for the three and six months ended December 31, 2016 was $687,571 and $1,388,237, respectively. Amortization expense for the three and six months ended December 31, 2015 was $686,866 and $1,388,384, respectively. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Year ended: |  |  |
December 31, 2017 |  | $ | 2,777,259 |
December 31, 2018 |  |  | 2,777,259 |
December 31, 2019 |  |  | 2,777,259 |
December 31, 2020 |  |  | 2,777,259 |
December 31, 2021 |  |  | 2,777,259 |
Thereafter |  |  | 4,537,144 |
|  | $ | 18,423,439 |

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