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INTANGIBLE ASSETS, NET
 6 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 6. INTANGIBLE ASSETS, NET

 

Intangible assets, net consist of the following as of December 31, 2024:

 

  

Weighted average useful lives

(years)

  Acquisition cost   Effect of foreign currency   Accumulated amortization   Carrying value 
Technology  7 years  $5,119,000   $553,599   $1,941,774   $3,730,825 
Customer relationships  3 years   252,000    27,253    209,440    69,813 
Trade names and trademarks  Indefinite   92,000    9,949    -    101,949 
Total intangible assets     $5,463,000   $590,801   $2,151,214   $3,902,587 

 

Intangible assets, net consist of the following as of June 30, 2024:

 

  

Weighted

average useful lives

(years)

  Acquisition cost   Effect of foreign currency   Accumulated amortization   Carrying value 
Technology  7 years  $5,119,000   $593,026   $1,559,822   $4,152,204 
Customer relationships  3 years   252,000    29,194    164,030    117,164 
Trade names and trademarks  Indefinite   92,000    10,658    -    102,658 
Total intangible assets     $5,463,000   $632,878   $1,723,852   $4,372,026 

 

Intangibles assets recognized from the acquisition of IFP were allocated to the IFPG operating and reportable segment.

 

Expenses related to the amortization of intangible assets charged to the condensed consolidated statements of operations and other comprehensive income (loss) for the three months ended December 31, 2024 and 2023 was $240,783 and $227,543, respectively.

 

Expenses related to the amortization of intangible assets charged to the condensed consolidated statements of operations and other comprehensive income (loss) for the six months ended December 31, 2024 and 2023 was $476,247 and $470,696, respectively.

 

 

Amortization expense for the intangible assets is expected to be as follows over the next five years, and thereafter:

 

Fiscal year  Amount 
Remainder of 2025  $439,260 
2026   808,708 
2027   785,437 
2028   785,437 
2029   785,437 
Thereafter   196,359 
Total  $3,800,638 

 

There were no impairment charges related to intangible assets incurred in the periods presented.