| INTANGIBLE ASSETS AND GOODWILL |
NOTE
8. INTANGIBLE ASSETS AND GOODWILL
Amortization
expense related to the amortization of the developed technology and customer list. During the year ended June 30, 2026 and 2025 amortization
expense of $1,411,577 and $1,362,446, respectively, was recognized.
Intangible
Assets of the Company at June 30, 2026 and 2025 are summarized as follows:
SCHEDULE
OF INTANGIBLE ASSETS
| | |
| |
June
30, 2026 | |
| | |
Est useful | |
| | |
Accumulated | | |
Impairment | | |
| |
| | |
life | |
Cost | | |
Amortization | | |
of
Asset | | |
Net | |
| | |
| |
| | |
| | |
| | |
| |
| Goodwill | |
Indefinite | |
$ | 6,142,525 | | |
$ | — | | |
$ | — | | |
$ | 6,142,525 | |
| Developed technology | |
10 years | |
| 1,928,800 | | |
| (336,523 | ) | |
| — | | |
| 1,592,277 | |
| Customer Lists | |
12 years | |
| 14,625,000 | | |
| (2,911,644 | ) | |
| — | | |
| 11,713,356 | |
| Intangible Assets | |
| |
$ | 22,696,325 | | |
$ | (3,248,167 | ) | |
$ | — | | |
$ | 19,448,158 | |
| | |
| |
June
30, 2025 | |
| | |
Est useful | |
| | |
Accumulated | | |
Impairment | | |
| |
| | |
life | |
Cost | | |
Amortization | | |
of
Asset | | |
Net | |
| | |
| |
| | |
| | |
| | |
| |
| Goodwill | |
Indefinite | |
$ | 6,142,525 | | |
$ | — | | |
$ | — | | |
$ | 6,142,525 | |
| Developed technology | |
10 years | |
| 1,928,800 | | |
| (143,696 | ) | |
| — | | |
| 1,785,104 | |
| Customer Lists | |
12 years | |
| 14,625,000 | | |
| (1,692,894 | ) | |
| — | | |
| 12,932,106 | |
| Intangible Assets | |
| |
$ | 22,696,325 | | |
$ | (1,836,590 | ) | |
$ | — | | |
$ | 20,859,735 | |
Below
is a summary of the amortization of intangible assets for the next five years:
SCHEDULE
OF AMORTIZATION OF INTANGIBLE ASSETS
| Year | |
Amount | |
| June 30, 2027 | |
$ | 1,411,577 | |
| June 30, 2028 | |
| 1,414,916 | |
| June 30, 2029 | |
| 1,411,577 | |
| June 30, 2030 | |
| 1,411,577 | |
| June 30, 2031 | |
| 1,411,577 | |
| Thereafter | |
| 6,244,408 | |
|