v3.21.1

Intangible Assets | 9 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Note 4 - Intangible Assets Customer Lists and Vendor Relationships Intangible assets are stated at the lower of cost or fair value. Customer lists and vendor relationships are amortized on a straight-line basis over five years, representing the period over which the Company expects to receive future economic benefits from these assets. Amortization of customer lists and vendor relationships was $70,343 and $0 for the three months ended March 31, 2021 and 2020, respectively. Amortization of customer lists and vendor relationships was $208,296 and $0 for the nine months ended March 31, 2021 and 2020, respectively. Amortization of these costs are included in general and administrative expenses in the Company's condensed consolidated statements of operations. Product Development Costs Annual amortization expense is calculated based on the straight-line method over the product's estimated economic life. Amortization of product development costs incurred begins when the related products are available for sale to customers. Amortization of product development costs was $26,436 and $0 for the three months ended March 31, 2021 and 2020, respectively. Amortization of product development costs was $59,364 and $0 for the nine months ended March 31, 2021 and 2020, respectively. Amortization of these costs are included in cost of sales in the Company's condensed consolidated statements of operations. The following tables shows goodwill, finite-lived intangible assets, accumulated amortization, and the impairment charges:
March 31, 2021 |  |  |  |  |  |  |  |  |
| Cost |  | Accumulated Amortization |  | Net Book Value |  | Impairment |  | Total
Goodwill | $ 834,220 |  | $ - |  | $ 834,220 |  | $ - |  | $ 834,220
Finite-lived assets: |  |  |  |  |  |  |  |  |
Customer list | $ 922,053 |  | $ (268,063) |  | $ 653,990 |  | $ - |  | $ 653,990
Vendor relationships | 484,816 |  | (144,233) |  | 340,583 |  | - |  | 340,583
Capitalized product development costs | 402,255 |  | (60,900) |  | 341,355 |  | - |  | 341,355
| $ 1,809,124 |  | $ (473,196) |  | $ 1,335,928 |  | $ - |  | $1,335,928
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
Estimated amortization expense related to intangible assets for the next five years is as follows:
Period ending March 31, |
2022 | $ 387,118
2023 | 387,118
2024 | 347,598
2025 | 187,885
2026 | 26,209
| $ 1,335,928

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