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Goodwill and Intangible Assets

3 Months Ended

Sep. 30, 2023

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