v3.20.4

Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following tables shows goodwill, finite-lived intangible assets, accumulated amortization, and the impairment charges:

December 31, 2020
	Cost		Accumulated Amortization		Net Book Value		Impairment		Total
Goodwill	$                834,220		$                      -		$        834,220		$                  -		$ 834,220
Finite-lived assets:
Customer list	$                922,053		$       (221,961)		$        700,092		$                  -		$ 700,092
Vendor relationships	484,816		(119,992)		364,824		-		364,824
Capitalized product development costs	402,255		(34,464)		367,791		-		367,791
	$             1,809,124		$       (376,417)		$     1,432,707		$                  -		$1,432,707
June 30, 2020
	Cost		Accumulated Amortization		Net Book Value		Impairment		Total
Goodwill	$             1,634,507		$                       -		$     1,634,507		$  (800,287)		$ 834,220
Finite-lived assets:
Customer list	$                881,000		$       (132,147)		$        748,853		$                  -		$ 748,853
Vendor relationships	479,000		(71,847)		407,153		-		407,153
Noncompete agreements	1,600,000		(400,000)		1,200,000		(1,200,000)		-
Capitalized product development costs	281,845		(1,536)		280,309		-		280,309
	$             3,241,845		$       (605,530)		$     2,636,315		$(1,200,000)		$1,436,315

Schedule of Amortization Expense

Estimated amortization expense related to intangible assets for the next five years is as follows:

Period ending December 31,
2021	$      387,118
2022	387,118
2023	363,406
2024	255,885
2025	39,181
	$   1,432,707

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- References

No definition available.

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- Definition

Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
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- Definition

Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

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