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Intangible Assets | 9 Months Ended
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Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 14 - INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | As of |  |  | As of |
|  | March 31, 2020 |  |  | June 30, 2019 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (15,833,112 | ) |  |  | (15,343,727 | )
Accumulated Amortization |  |  | (25,531,126 | ) |  |  | (24,568,320 | )
Net Balance |  | $ | 5,880,759 |  |  | $ | 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 $5,880,759 will be amortized over the next 3.5 years. Amortization expense for the three and nine months ended March 31, 2020 was $464,322 and $1,386,092, respectively. Amortization expense for the three and nine months ended March 31, 2019 was $520,455 and $1,646,153, respectively. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Year ended: |  |  |
March 31, 2021 |  | $ | 1,748,286 |
March 31, 2022 |  |  | 1,748,286 |
March 31, 2023 |  |  | 1,748,286 |
March 31, 2024 |  |  | 635,901 |
|  | $ | 5,880,759 |

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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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