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INTANGIBLE ASSETS | 12 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 12 - INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS
|  | As of |  |  | As of |
|  | June 30, 2022 |  |  | June 30, 2021 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (19,914,206 | ) |  |  | (14,440,001 | )
Accumulated Amortization |  |  | (25,743,121 | ) |  |  | (28,900,340 | )
Net Balance |  | $ | 1,587,670 |  |  | $ | 3,904,656 |
NETSOL TECHNOLOGIES, INC. Notes to Consolidated Financial Statements June 30, 2022 and 2021 (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 $1,587,670 will be amortized over the next 1.25 years. Amortization expense for the years ended June 30, 2022 and 2021 was $1,632,764 and $1,807,736, respectively. (B) Future Amortization Estimated amortization expense of intangible assets over the next five years is as follows: SUMMARY OF ESTIMATED AMORTIZATION EXPENSE OF INTANGIBLE ASSETS
Period ended: |  | Amortization |
June 30, 2023 |  | $ | 1,416,353 |
June 30, 2024 |  |  | 171,317 |
Net Balance |  | $ | 1,587,670 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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