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Intangible assets, net
 3 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 8 – Intangible assets, net

 

As of September 30, 2024 and June 30, 2024, intangible assets, net, consisted of the following:

        
   September 30, 2024   June 30, 2024 
Covenant not to compete  $3,459,120   $3,459,120 
Supplier relationships   1,179,246    1,179,246 
Software   534,591    534,591 
Accumulated amortization   (1,704,560)   (1,542,257)
Total  $3,468,357   $3,630,700 

 

The intangible assets were acquired on February 15, 2022 through acquisition of Anivia. The weighted average remaining life for finite-lived intangible assets at September 30, 2024 was approximately 5.95 years. The amortization expense for the three months ended September 30, 2024 and 2023 was $162,343 and $162,343, respectively. At September 30, 2024, finite-lived intangible assets are expected to be amortized over their estimated useful lives, which ranges from a period of five to 10 years, and the estimated remaining amortization expense for each of the five succeeding years thereafter is as follows:

    
Year Ending June 30,  Amount 
2025  $487,028 
2026   649,371 
2027   609,277 
2028   468,750 
2029   345,912 
Thereafter   908,019 
Intangible assets, net  $3,468,357