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ACQUIRED INTANGIBLE ASSETS (Tables) | 9 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Calculation of Acquired Intangibles by Asset Class |
| As of March 31, 2021
| Cost |  | Accumulated Amortization |  | Net
Technology assets | $ | 1,002,970 |  |  | $ | (582,511) |  |  | $ | 420,459 |
Customer assets | 1,418,736 |  |  | (547,399) |  |  | 871,337 |
Total | $ | 2,421,706 |  |  | $ | (1,129,910) |  |  | $ | 1,291,796 |
| As of June 30, 2020
| Cost |  | Accumulated Amortization |  | Net
Technology assets | $ | 1,084,144 |  |  | $ | (502,376) |  |  | $ | 581,768 |
Customer assets | 1,434,832 |  |  | (404,036) |  |  | 1,030,796 |
Total | $ | 2,518,976 |  |  | $ | (906,412) |  |  | $ | 1,612,564 |
Calculation of Estimated Future Amortization Expense | The following table shows the estimated future amortization expense for the fiscal years indicated. This calculation assumes no future adjustments to acquired intangible assets:
Fiscal years ending June 30, |
2021 (three months ended) | $ | 105,459 |
2022 | 398,732 |
2023 | 316,753 |
2024 | 235,776 |
2025 | 123,345 |
2026 and beyond | 111,731 |
Total | $ | 1,291,796 |

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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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 + Details
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