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Intangible assets, net
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible assets, net

Note 8 – Intangible assets, net

 

As of June 30, 2025 and 2024, intangible assets, net, consisted of the following:

        
   June 30, 2025   June 30, 2024 
Covenant not to compete  $3,459,120   $3,459,120 
Supplier relationships   1,179,246    1,179,246 
Software   534,590    534,591 
Accumulated amortization   (2,191,628)   (1,542,257)
Total  $2,981,328   $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 June 30, 2025 was approximately 5.2 years. The amortization expense for the years ended June 30, 2025 and 2024 was $649,371 and $649,371, respectively. At June 30, 2025, finite-lived intangible assets are expected to be amortized over their estimated useful lives, which ranges from a period of 5 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 
2026  $649,371 
2027   609,277 
2028   468,750 
2029   345,912 
2030   345,912 
Thereafter   562,106 
Intangible assets, net  $2,981,328 

 

During the year ended June 30, 2025, the Company entered into software development agreements with a third-party developer. In connection with these agreements, the Company made payments of $1.5 million for development fees. As of June 30, 2025, such payments were recorded as a non-current prepayment and are included in Other non-current assets in the accompanying consolidated balance sheet. The related amounts will be reclassified from prepaid assets to intangible assets upon completion and acceptance of the developed software.