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Intangible Assets

9 Months Ended

Jan. 31, 2024

6. Intangible assets

	January 31, 2024		April 30, 2023

Liquid License	$	17,482	$	17,482
Software system		2,950,000		—
Trademark		194,000		194,000
Total intangible asset		3,161,482		211,482
Accumulated amortization		90,019		14,153
Intangible asset, net	$	3,071,463	$	197,329

Intangible assets mainly consisted of a trademark acquired through the acquisition of Maison Monterey Park on June 30, 2022. The fair value of the trademark at acquisition date was $194,000, to be amortized over 15 years.

In addition, on October 30, 2023, the Company entered a System Purchase and Implementation Consulting Agreement with Drem Consulting Pte. Ltd. for purchasing a merchandise display planning and management system for $1.5 million. The system uses advanced technology such as artificial intelligence, IoT (Internet of Things), client computing, etc. to optimize shelf display and planning, inventory control and customer services. The system will be amortized over 10 years.

On November 22, 2023, the Company entered a Supply Chain Management System Purchase Agreement with WSYQR Limited to purchase a supply chain management system for $1.45 million. The system has the necessary software and hardware that was specifically designed for supermarkets application for the key units of 1) data synchronization across the entire supply chain, 2) centralized order processing and fulfillment, 3) refund and return processing, 4) customer complaints handling, and 5) distribution and delivery management and optimization. The system will be amortized over 10 years.

The amortization expense for the three months ended January 31, 2024 and 2023 was $68,816 and $8,593, respectively. The amortization expense for the nine months ended January 31, 2024 and 2023 was $75,866 and $20,051, respectively. Estimated amortization expense for each of the next five years at January 31, 2024 is as follows: $309,099, $309,099, $309,099, $309,099 and $309,066.