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INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

  

           
   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:

 

      
Period ended:  Amortization 
June 30, 2023  $1,416,353 
June 30, 2024   171,317 
Net Balance  $1,587,670