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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 30, 2021
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, 2021 and 2020, 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 Lives (Years) |  |  | June 30, 2021 |  |  | 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 |  |  |  |  |  |  | (5,093,119 | ) |  |  | (3,968,036 | )
Total intangible assets, net |  |  |  |  |  | $ | 5,582,881 |  |  | $ | 6,707,964 |
Future amortization of identifiable intangibles is as follows:
Fiscal year ending: |  |  |
June 30, 2022 |  |  | 1,125,083 |
June 30, 2023 |  |  | 1,125,083 |
June 30, 2024 |  |  | 1,125,083 |
June 30, 2025 |  |  | 658,398 |
After June 30, 2025 |  |  | 1,549,234 |
|  | $ | 5,582,881 |

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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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