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Intangible Assets | 12 Months Ended
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Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 11 – INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | As of June 30, |  |  | As of June 30, |
|  | 2018 |  |  | 2017 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (7,857,270 | ) |  |  | (3,134,488 | )
Accumulated Amortization |  |  | (27,140,531 | ) |  |  | (27,067,358 | )
Net Balance |  | $ | 12,247,196 |  |  | $ | 17,043,151 |
(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 $12,247,196 will be amortized over the next 5.25 years. Amortization expense for the years ended June 30, 2018 and 2017 was $2,645,901 and $2,776,473, respectively. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Year ended: |  |  |
June 30, 2019 |  | $ | 2,389,405 |
June 30, 2020 |  |  | 2,389,405 |
June 30, 2021 |  |  | 2,389,405 |
June 30, 2022 |  |  | 2,389,405 |
June 30, 2023 |  |  | 2,389,405 |
Thereafter |  |  | 300,171 |
|  | $ | 12,247,196 |

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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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