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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets |
Goodwill And Intangible Assets | 7. Goodwill and Intangible Assets The change in the net carrying amount of goodwill during the three months ended September 30, 2023 was as follows:
Goodwill at June 30, 2023 |  | $ | 5,854,905 |
Acquisition of Visimid |  |  | 3,060,732 |
Goodwill at September 30, 2023 |  | $ | 8,915,637 |
The increase in goodwill during the three months ended September 30, 2023 was due to the acquisition of Visimid. The Company is in the process of obtaining third-party valuations of certain intangible assets; thus, the provisional measurement of goodwill and intangible assets are subject to change. See Note 3, Acquisition of Visimid Technologies, to these unaudited condensed consolidated financial statements, for more information. Identifiable intangible assets were comprised of:
|  | Useful Lives (Years) |  |  | September 30, 2023 |  |  | June 30, 2023 |
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 |  |  |  |  |  |  | (7,624,556 | ) |  |  | (7,343,285 | )
Total intangible assets, net |  |  |  |  |  | $ | 3,051,444 |  |  | $ | 3,332,715 |
Future amortization of identifiable intangibles is as follows:
Fiscal year ending: |  |  |
June 30, 2024 (remaining nine months) |  | $ | 843,812 |
June 30, 2025 |  |  | 658,398 |
June 30, 2026 |  |  | 239,334 |
June 30, 2027 |  |  | 239,334 |
After June 30, 2027 |  |  | 1,070,566 |
|  | $ | 3,051,444 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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