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INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2023
Intangible Assets  
INTANGIBLE ASSETS

NOTE 12 - INTANGIBLE ASSETS

 

Intangible assets consisted of the following:

 

SCHEDULE OF INTANGIBLE ASSETS

   As of   As of 
   June 30, 2023   June 30, 2022 
         
Product Licenses - Cost  $47,244,997   $47,244,997 
Effect of Translation Adjustment   (24,756,959)   (19,914,206)
Accumulated Amortization   (22,360,107)   (25,743,121)
Net Balance  $127,931   $1,587,670 

 

Product Licenses

 

Product licenses include internally-developed software cost. Product licenses are amortized on a straight-line basis over their respective lives, and the unamortized amount of $127,931 will be amortized over one month. Amortization expense for the years ended June 30, 2023 and 2022 was $1,171,641 and $1,632,764, respectively.