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Intangible Assets
 12 Months Ended
Jun. 30, 2024
Intangible Assets [Abstract]  
INTANGIBLE ASSETS

NOTE 4 – INTANGIBLE ASSETS

 

Intangible assets are summarized as follows:

 

   June 30,
2024		   June 30,
2023		 
Software registration or using right  $1,809,548   $1,635,307 
Patent   14,729    14,527 
Software and technology development costs   11,770    631,250 
Value-added telecommunications business license   15,587    15,374 
Subtotal   1,851,634    2,299,458 
Less: Accumulated amortization   1,305,633    1,110,671 
Total  $546,001   $1,185,787 

 

Software registration or using right represented the purchase cost of customized software with its source code from third party software developer.

 

Software and technology development cost represented development costs incurred internally after the technological feasibility was established and a working model was produced and was recorded as intangible asset.

 

Amortization for the years ended June 30, 2024 and 2023 was $462,107 and $607,836, respectively. The amortization expense for the next five years as of June 30, 2024 will be $303,350, $191,803, $50,848, $0 and $0.

 

The Company disposed $0.62 million intangible assets with related accumulated amortization of $0.28 million resulting from the disposal of Zhangxun in July 2023 (see Note 13).