XML 79 R12.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

In connection with the December 2016 acquisition of ISP, the Company identified intangible assets, which were recorded at fair value and are being amortized on a straight-line basis over their useful lives. The excess purchase price over the fair values of all identified assets and liabilities was recorded as goodwill, attributable primarily to expected synergies and the assembled workforce of ISP.

There were no changes in the net carrying value of goodwill during the years ended June 30, 2019 and 2018, and there have been no events or changes in circumstances that indicate the carrying value of goodwill may not be recoverable.

Identifiable intangible assets were comprised of:

	Useful		June 30,			June 30,
	Lives (Years)		2019			2018
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				(3,231,694	)		(2,011,030	)
Total intangible assets, net			$	7,837,306		$	9,057,970

Future amortization of identifiable intangibles is as follows:

Fiscal year ending:
June 30, 2020	$	1,129,342
June 30, 2021		1,125,083
June 30, 2022		1,125,083
June 30, 2023		1,125,083
June 30, 2024 and later		3,332,715
	$	7,837,306