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INTANGIBLE ASSETS | 6 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 13 - INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS
|  | As of December 31, 2021 |  |  | As of June 30, 2021 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (16,960,809 | ) |  |  | (14,440,001 | )
Accumulated Amortization |  |  | (27,626,984 | ) |  |  | (28,900,340 | )
Net Balance |  | $ | 2,657,204 |  |  | $ | 3,904,656 |
(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 $2,657,204 will be amortized over the next 1.75 years. Amortization expense for the three and six months ended December 31, 2021was $414,269 and $854,553, respectively. Amortization expense for the three and six months ended December 31, 2020 was $449,865 and $882,637, respectively. (B) Future Amortization Estimated amortization expense of intangible assets is as follows: SUMMARY OF ESTIMATED AMORTIZATION EXPENSE OF INTANGIBLE ASSETS
Period ended: |  |  |
December 31, 2022 |  | $ | 1,638,846 |
December 31, 2023 |  |  | 1,018,358 |
Net Balance |  | $ | 2,657,204 |
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements December 31, 2021 (Unaudited)

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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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