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Goodwill and Intangible Assets

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

There were no changes in the net carrying value of goodwill during the three months ended September 30, 2020.

Identifiable intangible assets were comprised of:

		Useful Lives (Years)				September 30, 2020				June 30, 2020
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
Total intangible assets							10,676,000				10,676,000
Less accumulated amortization							(4,249,306	)			(3,968,036	)
Total intangible assets, net						$	6,426,694			$	6,707,964

Future amortization of identifiable intangibles is as follows:

Fiscal year ending:
June 30, 2021 (remaining nine months)		$	843,813
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
		$	6,426,694

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- References

No definition available.

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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

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