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INTANGIBLE ASSETS, NET
 9 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS, NET

NOTE 7. INTANGIBLE ASSETS, NET

 

Intangible assets, net consist of the following as of March 31, 2025:

 

  

Weighted average useful lives (years)

   Acquisition cost   Effect of foreign currency   Accumulated amortization   Carrying value 
Technology   7 years   $5,119,000   $739,941   $2,208,370   $3,650,571 
Customer relationships   3 years    252,000    36,426    240,355    48,071 
Trade names and trademarks   Indefinite    92,000    13,298    -    105,298 
Total intangible assets       $5,463,000   $789,665   $2,448,725   $3,803,940 

 

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 March 31, 2025 and 2024 was $238,945 and $255,472, respectively.

 

Expenses related to the amortization of intangible assets charged to the condensed consolidated statements of operations and other comprehensive income (loss) for the nine months ended March 31, 2025 and 2024 was $715,192 and $726,168, 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  $226,844 
2026   835,274 
2027   811,238 
2028   811,238 
2029   811,238 
Thereafter   202,810 
Total  $3,698,642 

 

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