v3.26.3
Intangible Assets
 12 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets

Note 10 – Intangible Assets

 

As of June 30, 2026 and 2025, intangible assets, net, consisted of the following: 

          
   June 30, 2026   June 30, 2025 
Covenant not to compete  $3,459,120   $3,459,120 
Supplier relationships   1,179,246    1,179,246 
Software   534,591    534,590 
Accumulated amortization   (2,841,000)   (2,191,628)
Total  $2,331,957   $2,981,328 

  

The intangible assets were acquired on February 15, 2022 through the Company’s acquisition of Anivia. The weighted average remaining life for finite-lived intangible assets at June 30, 2026 was approximately 4.2 years. The amortization expense for years ended June 30, 2026 and 2025 was $649,371 and $649,371, respectively. At June 30, 2026, finite-lived intangible assets are expected to be amortized over their estimated useful lives, which ranges from a period of five to 10 years, and the estimated remaining amortization expense for each of the five succeeding years thereafter is as follows:

     
Year Ending June 30,  Amount 
2027   609,277 
2028   468,750 
2029   345,912 
2030   345,912 
2031   345,912 
Thereafter   216,194 
Intangible assets, net  $2,331,957 

 

During the years ended June 30, 2026 and 2025, the Company made cash prepayments of $1,118,280 and $1,519,928, respectively, for software development. The June 30, 2025 balance included $460,807 that was classified as held for sale on the consolidated balance sheet.

 

As of June 30, 2026, software under development amounted to $2,638,208, including $460,807 acquired from GPM (See Note 5 above for additional information). As of June 30, 2025, software under development amounted to $1,519,928, of which $460,807 was classified as held for sale.