v3.25.2
Intangible Assets
12 Months Ended
Jun. 30, 2024
Intangible Assets  
Intangible Assets

Note 6. Intangible Assets

 

Intangible assets as of June 30, 2024:

 

 

 

Estimated

Life

 

Cost

 

 

Accumulated

Amortization

 

 

Net

Book Value

 

Customer relationships

 

4 years

 

$1,834,692

 

 

$1,834,692

 

 

$-

 

Trade name

 

5 years

 

 

383,792

 

 

 

143,921

 

 

 

239,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Online sales channels

 

2 years

 

 

1,800,000

 

 

 

1,800,000

 

 

 

-

 

Vender relationships

 

5 years

 

 

6,000,000

 

 

 

6,000,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$10,018,484

 

 

$9,778,613

 

 

$239,871

 

 

For the years ended June 30, 2024 and 2023, the Company amortized approximately $2,410,400, and $2,568,500, respectively.  For the year ended June 30, 2024 the Company impaired approximately $3,300,000 related to the vendor relationships of Cygnet and impaired approximately $974,700 related to the customer relationships of LuckyTail. 

 

Intangible assets as of June 30, 2023:

 

 

 

Estimated

Life

 

Cost

 

 

Accumulated

Amortization

 

 

Net

Book Value

 

Customer relationships

 

 4 years

 

$1,834,692

 

 

$401,339

 

 

$1,433,353

 

Trade name

 

 5 years

 

 

383,792

 

 

 

67,163

 

 

 

316,629

 

Online sales channels

 

 2 years

 

 

1,800,000

 

 

 

1,125,000

 

 

 

675,000

 

Vender relationships

 

 5 years

 

 

6,000,000

 

 

 

1,500,000

 

 

 

4,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$10,018,484

 

 

$4,237,814

 

 

$6,924,982

 

The following intangible assets were added during the year ended June 30, 2023, from the acquisitions noted below:

 

LuckyTail:

 

Customer relationships

 

$1,834,692

 

Trade name

 

 

383,792

 

Intangible Assets from Purchase

 

$2,218,484

 

 

Future amortization of intangible assets at June 30, 2024 are as follows:

 

June 30, 2025

 

$76,758

 

June 30, 2026

 

 

76,758

 

June 30, 2027

 

 

76,758

 

June 30, 2028

 

 

9,596

 

 

 

$239,871