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INTANGIBLE ASSETS | 9 Months Ended
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Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS | NOTE 13 - INTANGIBLE ASSETS Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS
|  | As of |  |  | As of |
|  | March 31, 2022 |  |  | June 30, 2021 |
Product Licenses - Cost |  | $ | 47,244,997 |  |  | $ | 47,244,997 |
Effect of Translation Adjustment |  |  | (17,652,591 | ) |  |  | (14,440,001 | )
Accumulated Amortization |  |  | (27,414,278 | ) |  |  | (28,900,340 | )
Net Balance |  | $ | 2,178,128 |  |  | $ | 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 $2,178,128 will be amortized over the next 1.5 years. Amortization expense for the three and nine months ended March 31, 2022 was $407,111 and $1,261,664, respectively. Amortization expense for the three and nine months ended March 31, 2021 was $455,988 and $1,338,625, respectively. (B) Future Amortization Estimated amortization expense of intangible assets is as follows: SUMMARY OF ESTIMATED AMORTIZATION EXPENSE OF INTANGIBLE ASSETS
Period ended: |  |  |
March 31, 2023 |  | $ | 1,587,416 |
March 31, 2024 |  |  | 590,712 |
Net Balance |  | $ | 2,178,128 |
NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements March 31, 2022 (Unaudited)

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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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