v3.20.4

Intangible Assets | 3 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Note 4 - Intangible Assets Intangible assets are stated at the lower of cost or fair value. Intangible assets 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. The following tables shows goodwill, finite-lived intangible assets, accumulated amortization, and the impairment charges:
September 30, 2020 |  |  |  |  |  |  |  |  |
| Cost |  | Accumulated Amortization |  | Net Book Value |  | Impairment |  | Total
Goodwill | $ 834,220 |  | $ - |  | $ 834,220 |  | $ - |  | $ 834,220
Finite-lived assets: |  |  |  |  |  |  |  |  |
Customer list | $ 881,000 |  | $ (168,293) |  | $ 712,707 |  | $ - |  | $ 712,707
Vendor relationships | 471,096 |  | (95,797) |  | 375,299 |  | - |  | 375,299
Capitalized product development costs | 281,845 |  | (14,048) |  | 267,797 |  | - |  | 267,797
| $ 1,633,941 |  | $ (278,138) |  | $ 1,355,803 |  | $ - |  | $1,355,803
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 September 30, |
2021 | $ 347,293
2022 | 353,660
2023 | 361,577
2024 | 276,383
2025 | 16,890
| $ 1,355,803

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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