Intangible Assets, Net |
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| Intangible assets, net | Note 11 – Intangible assets, net
Intangible assets, net consisted of the following:
Amortization expense for the year ended June 30, 2026 and 2025 was amounted to $ and $796,684, respectively. Internal use software development costs of $5,554,807 capitalized during the year ended June 30, 2026 had not been placed in service as of June 30, 2026; accordingly, no amortization was recognized. Amortization will commence when the software is ready for its intended use and will be recognized on a straight-line basis over its estimated useful life.
For the years ended June 30, 2026 and 2025, the Company recognized impairment losses of $3,044,877 and $19,517,303, respectively, related to internal use software development, resulting in accumulated impairment of $22,562,180 and $19,517,303 as of June 30, 2026 and 2025, respectively. 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.
The following table sets forth the Company’s amortization expense for the next five years ending:
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