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INTANGIBLE ASSETS NET
 9 Months Ended
Mar. 31, 2024
INTANGIBLE ASSETS NET  
INTANGIBLE ASSETS, NET

NOTE 3.  INTANGIBLE ASSETS, NET

 

On March 26, 2021, the Company acquired a group of patents related to the container design and functionality for a purchase price of $185,000. The Company paid $60,000 in cash and issued a $125,000 note payable for the transaction. The patents acquired are recognized as a long-lived intangible asset and are amortized over their estimated useful lives.

 

The following table represents the balances of intangible assets as of March 31, 2024 and June 30, 2023:

 

 

 

Estimated life 

 

March 31,

2024

 

 

June 30,

2023

 

 

 

 

 

 

 

 

 

 

Patent costs

 

5.75 years

 

$186,300

 

 

$186,300

 

 

 

 

 

 

186,300

 

 

 

186,300

 

Accumulated Amortization

 

 

 

 

(97,074)

 

 

-

 

Net Intangible

 

 

 

$89,226

 

 

$186,300

 

 

During the nine months ended March 31, 2024, the Company recognized amortization expense of $97,074 on the intangible assets.