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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | The change in the net carrying amount of goodwill for fiscal years 2018 and 2017 was as follows:
Goodwill at June 30, 2016 |  | $ | - |
Additions |  |  | 5,854,905 |
Goodwill at June 30, 2017 |  |  | 5,854,905 |
Additions |  |  | - |
Goodwill at June 30, 2018 |  | $ | 5,854,905 |
The increase in goodwill during the first half of fiscal 2017 was due to the Acquisition of ISP. There were no changes to the carrying amount of goodwill during the year ended June 30, 2018. Identifiable intangible assets as a result of the Acquisition of ISP were comprised of:
|  | Useful |  |  | June 30, |  |  | June 30, |
|  | Lives (Yrs) |  |  | 2018 |  |  | 2017 |
Customer relationships |  |  | 15 |  |  | $ | 3,590,000 |  |  | $ | 3,590,000 |
Backlog |  |  | 2 |  |  |  | 366,000 |  |  |  | 366,000 |
Trade secrets |  |  | 8 |  |  |  | 3,272,000 |  |  |  | 3,272,000 |
Trademarks |  |  | 8 |  |  |  | 3,814,000 |  |  |  | 3,814,000 |
Non-compete agreement |  |  | 3 |  |  |  | 27,000 |  |  |  | 27,000 |
Total intangible assets |  |  |  |  |  |  | 11,069,000 |  |  |  | 11,069,000 |
Less accumulated amortization |  |  |  |  |  | (2,011,030 | ) |  |  | (693,947 | )
Total intangible assets, net |  |  |  |  | $ | 9,057,970 |  |  | $ | 10,375,053 |
Future amortization of identifiable intangibles is as follows:
Fiscal year ending: |  |  |
June 30, 2019 |  | $ | 1,220,664 |
June 30, 2020 |  |  | 1,129,342 |
June 30, 2021 |  |  | 1,125,083 |
June 30, 2022 |  |  | 1,125,083 |
June 30, 2023 and later |  |  | 4,457,798 |
|  | $ | 9,057,970 |

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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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