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Intangible Assets | 12 Months Ended
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Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | NOTE 12 - INTANGIBLE ASSETS Intangible assets consisted of the following:
|  | As of |  |  | As of |
|  | June 30, 2021 |  |  | June 30, 2020 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (14,440,001 | ) |  |  | (16,045,322 | )
Accumulated Amortization |  |  | (28,900,340 | ) |  |  | (25,808,598 | )
Net Balance |  | $ | 3,904,656 |  |  | $ | 5,391,077 |
(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 $3,904,656 will be amortized over the next 2.25 years. Amortization expense for the years ended June 30, 2021 and 2020 was $1,807,736 and $1,828,314, respectively. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows:
Years ended: |  |  |
June 30, 2022 |  | $ | 1,839,736 |
June 30, 2023 |  |  | 1,839,736 |
June 30, 2024 |  |  | 225,184 |
|  | $ | 3,904,656 |

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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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