NOTE
9. INTANGIBLE ASSETS
The Company’s intangible assets consisted of the following.
SCHEDULE OF INTANGIBLE ASSETS
| | |
| | |
| | |
| | |
| |
| | |
June 30, 2025 | |
| Intangible Assets | |
Weighted Average Remaining Life (in years) | | |
Intangible Assets (Gross) | | |
Accumulated Amortization | | |
Intangible Asset (Net) | |
| | |
(dollars in thousands) | |
| Customer relationships | |
| 4.6 | | |
$ | 1,540 | | |
$ | (821 | ) | |
$ | 719 | |
| Brand name | |
| 0.9 | | |
| 439 | | |
| (408 | ) | |
| 31 | |
| Brand name – indefinite lived | |
| N/A | | |
| 206 | | |
| - | | |
| 206 | |
| Internally developed software | |
| 1.0 | | |
| 218 | | |
| (145 | ) | |
| 73 | |
| Total | |
| | | |
$ | $2,403 | | |
$ | (1,374 | ) | |
$ | $1,029 | |
| Intangible Assets | |
Weighted Average Remaining Life (in years) | | |
Intangible Assets (Gross)
| | |
Accumulated Amortization
| | |
Intangible Asset (Net)
| |
| | |
June 30, 2024 | |
| Intangible Assets | |
Weighted Average Remaining Life (in years) | | |
Intangible Assets (Gross) | | |
Accumulated Amortization | | |
Intangible Asset (Net) | |
| | |
(dollars in thousands) | |
| Customer relationships | |
| 5.4 | | |
$ | 1,540 | | |
$ | (624 | ) | |
$ | 916 | |
| Brand name | |
| 1.7 | | |
| 414 | | |
| (332 | ) | |
| 82 | |
| Brand name – indefinite lived | |
| N/A | | |
| 231 | | |
| - | | |
| 231 | |
| Internally developed software | |
| 2.0 | | |
| 218 | | |
| (72 | ) | |
| 146 | |
| Total | |
| | | |
$ | 2,403 | | |
$ | (1,028 | ) | |
$ | 1,375 | |
Total
amortization expense for intangible assets was $0.3 million and $0.4 million for the years ended June 30, 2025 and 2024, respectively. Refer to
Note 7, Impairment Loss, regarding the intangible asset impairment recorded during fiscal 2025.
Estimated
remaining amortization expenses of intangible assets for the next five fiscal years and thereafter are as follows (in thousands):
SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE
| Years Ending June 30, | |
Expense | |
| 2026 | |
$ | 290 | |
| 2027 | |
| 146 | |
| 2028 | |
| 146 | |
| 2029 | |
| 144 | |
| 2030 | |
| 54 | |
| Thereafter | |
| 249 | |
| Total | |
$ | 1,029 | |
|