NOTE 7 - OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7 - OTHER INTANGIBLE ASSETS

NOTE 7 - OTHER INTANGIBLE ASSETS

Other intangible assets, net of accumulated amortization, at June 30, 2014 and 2013 are comprised of:

	As of June 30,
	2014		2013
Capitalized software developmentcosts	$	7,418,436	$	7,668,959
Patents and copyrights		4,408,011		4,193,800
Non-competition agreements		4,100,000		4,100,000
Customer relationships		3,800,000		3,800,000
		19,726,447		19,762,759
Less: Accumulated amortization		9,217,604		7,858,511
	$	10,508,843	$	11,904,248

Information related to the above intangible assets for the years ended June 30, 2014 and 2013 is as follows:

	As of June 30,
	2014			2013
Balance – Beginning of Year	$	11,904,248		$	3,835,179
Amounts capitalized		214,211			9,359,907
Abandon software or patents written off		(250,523	)		(66,619	)
Impairment of management agreement		—			(357,500	)
Amortization		(1,359,093	)		(866,719	)
Balance – End of Year	$	10,508,843		$	11,904,248

Amortization of patents and copyrights for the years ended June 30, 2014 and 2013 amounted to $178,836 and $168,631, respectively.

Amortization of capitalized software development costs for the years ended June 30, 2014 and 2013 was $407,876 and $335,350, respectively.

Amortization of management agreement for the years ended June 30, 2014 and 2013 amounted to $0 and $100,833, respectively.

Amortization of non-competition agreements for the years ended June 30, 2014 and 2013 amounted to $585,714 and $195,238, respectively.

Amortization of customer relationships for the years ended June 30, 2014 and 2013 amounted to $186,667 and $66,667, respectively.

The estimated amortization of other intangible assets for the five years ending June 30, 2019 and thereafter is as follows:

For the Years Ending June 30,		Total		Patents and Copyrights		Capitalized Software Development Costs		Non- competition		Customer Relationships
	2015	$	1,328,315	$	189,559	$	363,042	$	585,714	$	190,000
	2016		1,347,439		205,114		366,611		585,714		190,000
	2017		1,368,582		220,668		372,200		585,714		190,000
	2018		1,329,294		230,647		322,933		585,714		190,000
	2019		1,043,968		228,665		39,589		585,714		190,000
	Thereafter		4,091,245		1,104,100		—		390,478		2,596,667
		$	10,508,843	$	2,178,753	$	1,464,375	$	3,319,048	$	3,546,667

The weighted average amortization period for other intangible assets is 11.0 years and they have no expected residual value.