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Goodwill and Intangible Assets
 12 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

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, 2020 and 2019, 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)  2020  2019
 Customer relationships   15   $3,590,000   $3,590,000 
 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        10,703,000    10,703,000 
 Less accumulated amortization        (3,995,036)   (2,865,694)
 Total intangible assets, net       $6,707,964   $7,837,306 

  

Future amortization of identifiable intangibles is as follows:

 

Fiscal year ending:      
 June 30, 2021   $ 1,125,083  
 June 30, 2022     1,125,083  
 June 30, 2023     1,125,083  
 June 30, 2024     1,125,083  
 June 30, 2025 and later     2,207,632  
    $ 6,707,964