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Intangible Assets | 6 Months Ended
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Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 14 - INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | As of |  |  | As of |
|  | December 31, 2019 |  |  | June 30, 2019 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (14,099,205 | ) |  |  | (15,343,727 | )
Accumulated Amortization |  |  | (26,352,946 | ) |  |  | (24,568,320 | )
Net Balance |  | $ | 6,792,846 |  |  | $ | 7,332,950 |
(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 $6,792,846 will be amortized over the next 3.75 years. Amortization expense for the three and six months ended December 31, 2019 was $465,169 and $921,770, respectively. Amortization expense for the three and six months ended December 31, 2018 was $539,990 and $1,125,698, respectively. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Year ended: |  |  |  |
December 31, 2020 |  |  | $ | 1,878,349 |
December 31, 2021 |  |  |  | 1,878,349 |
December 31, 2022 |  |  |  | 1,878,349 |
December 31, 2023 |  |  |  | 1,157,799 |
|  |  | $ | 6,792,846 |

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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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