Note 6. Intangible Assets |
Note 6. Intangible Assets Intangible assets as of June 30, 2022: | | Cost | | | Accumulated Amortization | | | Net Book Value | | Customer relationships, amortized over four years | | $ | 4,167,347 | | | $ | 1,810,152 | | | $ | 2,357,195 | | Trade name, amortized over five years | | | 1,454,305 | | | | 545,940 | | | | 908,365 | | Non-compete agreements, amortized over the term of the agreement | | | 351,592 | | | | 191,632 | | | | 159,960 | | Online sales channels, amortized over two years | | | 1,800,000 | | | | 225,000 | | | | 1,575,000 | | Vender relationships, amortized over five years | | | 6,000,000 | | | | 300,000 | | | | 5,700,000 | | Software, amortized over five years | | | 1,590,000 | | | | 238,500 | | | | 1,351,500 | | | | $ | 15,363,244 | | | $ | 3,311,224 | | | $ | 12,052,020 | |
As of June 30, 2021 | | Cost | | | Accumulated Amortization | | | Net Book Value | | | | | | | | | | | | Customer relationships, amortized over four years | | $ | 2,075,347 | | | $ | 843,636 | | | $ | 1,231,711 | | Trade name, amortized over five years | | | 845,305 | | | | 270,147 | | | | 575,158 | | Non-compete agreements, amortized over term of the agreement | | | 76,592 | | | | 38,295 | | | | 38,297 | | | | | | | | | | | | | | | | | $ | 2,997,244 | | | $ | 1,152,078 | | | $ | 1,845,166 | |
For the years ended June 30, 2022, and 2021, the Company amortized approximately $2,159,146 and $726,525, respectively. The customer list is being amortized on a straight-line basis over 4 years. The trade names are being amortized on a straight-line basis over 5 years. The following intangible assets were added during the year ended June 30, 2022, from the acquisition of VitaMedica, Interactive and Cygnet. Customer relationships | | $ | 2,092,000 | | Trade name | | | 609,000 | | Non-compete agreements | | | 275,000 | | Online sales channels | | | 1,800,000 | | Vender relationships | | | 6,000,000 | | Software | | | 1,590,000 | | Intangible Assets from Purchase | | $ | 12,366,000 | |
Future amortization of intangible assets are as follows: | | | | | | | | June 30, 2023 | | $ | 3,948,748 | | June 30, 2024 | | | 3,155,530 | | June 30, 2025 | | | 2,238,249 | | June 30, 2026 | | | 1,715,176 | | June 30, 2027 | | | 994,317 | | | | | | | | | $ | 12,052,020 | |
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