Intangible Asset |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||
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| Intangible Asset | 4. Intangible Asset
On February 17, 2023, the Company purchased the Grit Mobile Application and related complementary products from Grit Performance Athletics Inc at a purchase price of $100,000. The total recorded cost of this intangible asset of $100,000 has been included in “Property and Equipment” on the balance sheet. As of June 30, 2023, we determined that this intangible asset doesn’t have a definite useful life, and as such, it was fully impaired. As of December 31, 2023, the balance on this intangible asset was $0.
The company’s intangible asset consists of the following.
Impairment expense is $0 and $100,000 for the six months ended December 31, 2023 and for the year ended June 30 2023 respectively. |
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