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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible asset balances consisted of the following:
| As of June 30, 2023 |  | Amortization Period
($ in thousands) | Gross |  | Accumulated Amortization |  | Net |
Intangible assets: |  |  |  |  |  |  |
Brand and tradenames | $ | 2,161 |  |  | $ | (1,414) |  |  | $ | 747 |  |  | 1 - 7 years
Developed technology | 20,188 |  |  | (11,066) |  |  | 9,122 |  |  | 5 - 6 years
Customer relationships | 24,714 |  |  | (6,771) |  |  | 17,943 |  |  | 5 - 18 years
Total intangible assets | $ | 47,063 |  |  | $ | (19,251) |  |  | $ | 27,812 |  |  |
Goodwill | $ | 92,005 |  |  | $ | — |  |  | $ | 92,005 |  |  | Indefinite
| As of June 30, 2022 |  | Amortization Period
($ in thousands) | Gross |  | Accumulated Amortization |  | Net |
Intangible assets: |  |  |  |  |  |  |
Brand and tradenames | $ | 1,705 |  |  | $ | (1,133) |  |  | $ | 572 |  |  | 3 - 7 years
Developed technology | 11,129 |  |  | (8,071) |  |  | 3,058 |  |  | 5 - 6 years
Customer relationships | 19,339 |  |  | (5,022) |  |  | 14,317 |  |  | 10 - 18 years
Total intangible assets | $ | 32,173 |  |  | $ | (14,226) |  |  | $ | 17,947 |  |  |
Goodwill | $ | 66,656 |  |  | $ | — |  |  | $ | 66,656 |  |  | Indefinite
For the years ended June 30, 2023, 2022 and 2021, amortization expense related to intangible assets was $5.0 million, $3.3 million and $3.1 million, respectively. The weighted-average remaining useful life of the finite-lived intangible assets was 16.2 years as of June 30, 2023, of which the weighted-average remaining useful life for the brand and tradenames was 2 years, for the developed technology was 4.1 years, and for the customer relationships was 10.1 years. The Company performs an annual goodwill impairment test on April 1 and more frequently if events and circumstances indicate that the asset might be impaired. The Company has determined that there is a single reporting unit for purposes of testing goodwill for impairment. During the years ended June 30, 2023, June 30, 2022 and June 30, 2021, the Company assessed goodwill for impairment utilizing a qualitative assessment. The Company did not recognize any impairment charges related to goodwill as a result of its qualitative assessment. Estimated annual amortization expense for intangible assets is as follows (in thousands):
2024 | $ | 5,201 |
2025 | 4,439 |
2026 | 4,241 |
2027 | 3,946 |
2028 | 2,249 |
Thereafter | 7,736 |
| $ | 27,812 |

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