v3.26.1
Intangible Assets, Net
 9 Months Ended
Mar. 31, 2026
Intangible Assets, Net [Abstract]  
Intangible assets, net

Note 8 – Intangible assets, net

 

Intangible assets, net consisted of the following:

 

   As of
March 31,		   As of
June 30,		 
   2026   2025 
   (Unaudited)     
Internal use software development  $23,980,607   $23,980,607 
Less: accumulated amortization   (1,418,427)   (1,418,427)
Less: impairment   (22,562,180)   (19,517,303)
Total intangible assets, net  $
-
   $3,044,877 

 

Amortization expense for the three and nine months ended of March 31, 2026 was amounted to $0. Amortization expense for the three and nine months ended of March 31, 2025 was amounted to $157,428 and $638,251, respectively.

 

As of March 31, 2026 and June 30, 2025, the Company recognized an impairment loss of $22,562,180 and $19,517,303 related to internal use software development. The impairment was primarily due to changes in the Company’s business strategy, which significantly reduced the expected future economic benefits associated with the affected assets. In accordance with ASC 360, the Company determined that the carrying amount of the intangible assets exceeds the estimated undiscounted future cash flows expected to result from its use, therefore, the Company recognized an impairment loss equal to the amount by which the carrying value exceeds its estimated fair value based on a discounted cash flows approach.