| GOODWILL AND INTANGIBLE ASSETS |
NOTE
7. GOODWILL AND INTANGIBLE ASSETS
The
composition of goodwill as of June 30, 2025 and 2024 is as follows:
SCHEDULE OF COMPOSITION OF GOODWILL
| | |
As
of June 30, 2025 | |
| | |
XRT | | |
BLI | | |
Total | |
| Goodwill | |
$ | 300,000 | | |
$ | 10,557,600 | | |
$ | 10,857,600 | |
| | |
XRT | | |
PulpoAR | | |
BLI | | |
Total | |
| | |
As
of and for the Year ended June 30, 2024 | |
| | |
XRT | | |
PulpoAR | | |
BLI | | |
Total | |
| Goodwill
- beginning of year | |
$ | 300,000 | | |
$ | 379,038 | | |
$ | 10,557,600 | | |
$ | 11,236,638 | |
| Impairments | |
| - | | |
| (379,038 | ) | |
| - | | |
| (379,038 | ) |
| Goodwill
- end of year | |
$ | 300,000 | | |
$ | - | | |
$ | 10,557,600 | | |
$ | 10,857,600 | |
The
composition of Intangible assets, their respective amortization period, and accumulated amortization as of June 30, 2025 and 2024 are
as follows:
SCHEDULE
OF INTANGIBLE ASSETS, AMORTIZATION PERIOD AND ACCUMULATED AMORTIZATION
| | |
XR
Terra | | |
BLI | | |
Glimpse
Learning | | |
Total | | |
| |
| | |
As
of June 30, 2025 | |
| | |
Value
($) | | |
Amortization
Period (Years) | |
| | |
XR
Terra | | |
BLI | | |
Glimpse
Learning | | |
Total | | |
| |
| Intangible
Assets | |
| | | |
| | | |
| | | |
| | | |
| | |
| Technology | |
| 300,000 | | |
| 880,000 | | |
| 326,435 | | |
| 1,506,435 | | |
| 3 | |
| Less:
Accumulated Amortization | |
| (300,000 | ) | |
| (855,542 | ) | |
| (290,176 | ) | |
| (1,445,718 | ) | |
| | |
| Intangible
Assets, net | |
$ | - | | |
$ | 24,458 | | |
$ | 36,259 | | |
$ | 60,717 | | |
| | |
| | |
XR
Terra | | |
Pulpo | | |
BLI | | |
Glimpse
Learning | | |
Total | | |
| |
| | |
As
of and for the Year ended June 30, 2024 | |
| | |
Value
($) | | |
Amortization
Period (Years) | |
| | |
XR
Terra | | |
Pulpo | | |
BLI | | |
Glimpse
Learning | | |
Total | | |
| |
| Intangible
Assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Customer
Relationships - beginning of year | |
$ | - | | |
$ | - | | |
$ | 3,310,000 | | |
$ | - | | |
$ | 3,310,000 | | |
| 5 | |
| Customer
Relationships - impairment | |
| - | | |
| - | | |
| (3,310,000 | ) | |
| - | | |
| (3,310,000 | ) | |
| | |
| Customer
Relationships - end of year | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | |
| Technology
- beginning of year | |
| 300,000 | | |
| 925,000 | | |
| 880,000 | | |
| 326,435 | | |
| 2,431,435 | | |
| 3 | |
| Technology
impairment | |
| - | | |
| (925,000 | ) | |
| - | | |
| - | | |
| (925,000 | ) | |
| | |
| Technology
- end of year | |
| 300,000 | | |
| - | | |
| 880,000 | | |
| 326,435 | | |
| 1,506,435 | | |
| | |
| Less:
Accumulated Amortization | |
| (274,995 | ) | |
| - | | |
| (562,214 | ) | |
| (181,359 | ) | |
| (1,018,568 | ) | |
| | |
| Intangible
Assets, net | |
$ | 25,005 | | |
$ | - | | |
$ | 317,786 | | |
$ | 145,076 | | |
$ | 487,867 | | |
| | |
Intangible
asset amortization expense for the years ended June 30, 2025 and 2024 was approximately $0.43 million and $1.24 million, respectively.
Estimated
intangible asset amortization expense as of June 30, 2025 for the remaining lives are as follows:
SCHEDULE
OF INTANGIBLE ASSET AMORTIZATION EXPENSE
| Years
Ended June 30, | |
| |
| 2026 | |
$ | 60,717 | |
THE
GLIMPSE GROUP, INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
|