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INTANGIBLE ASSETS
 6 Months Ended
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)