Intangible Assets

12 Months Ended

Jun. 30, 2023

Intangible Assets

Intangible Assets

Note 5. Intangible Assets

Intangible assets as of June 30, 2023:

	Estimated Life	Cost		Accumulated Amortization		Net Book Value
Customer relationships	4 years	$	8,243,897	$	1,937,595	$	6,306,302
Trade name	5 years		2,574,041		489,341		2,084,700
Non-compete agreements	Term of agreement		143,000		137,042		5,958
Online sales channels	2 years		1,800,000		1,125,000		675,000
Vender relationships	5 years		6,000,000		1,500,000		4,500,000
		$	18,760,938	$	5,188,978	$	13,571,960

For the years ended June 30, 2023 and 2022, the Company amortized approximately $4,208,991 and $979,988, respectively.

The following intangible assets were added during the year ended June 30, 2023, from the acquisitions noted below:

LuckyTail:

Customer relationships	$	1,834,692
Trade name		383,792
Intangible Assets from Purchase	$	2,218,484

E-Core:

Customer relationships	$	5,080,205
Trade name		1,727,249
Intangible Assets from Purchase	$	6,807,454

Intangible assets as of June 30, 2022:

	Cost		Accumulated Amortization		Net Book Value
Customer relationships, amortized over four years	$	1,329,000	$	304,842	$	1,024,158
Trade name, amortized over five years		463,000		85,083		377,917
Non-compete agreements, amortized over the term of the agreement		143,000		65,063		77,937
Online sales channels, amortized over two years		1,800,000		225,000		1,575,000
Vender relationships, amortized over five years		6,000,000		300,000		5,700,000
	$	9,735,000	$	979,988	$	8,755,012

The following intangible assets were added during the year ended June 30, 2022, from the acquisition of VitaMedica and Cygnet.

Customer relationships	$	1,329,000
Trade name		463,000
Non-compete agreements		143,000
Online sales channels		1,800,000
Vender relationships		6,000,000
Intangible Assets from Purchase	$	9,735,000

Future amortization of intangible assets at June 30, 2023 are as follows:

June 30, 2024	$	4,456,740
June 30, 2025		3,775,782
June 30, 2026		3,775,782
June 30, 2027		1,538,187
June 30, 2028		25,467
Thereafter		-
	$	13,571,960