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Goodwill and Intangible Assets | 12 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | 7. 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. The increase in goodwill during the year ended June 30, 2024 was due to the acquisition of Visimid. See Note 3, Acquisition of Visimid Technologies, to these consolidated financial statements, for more information. 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, 2024 |  |  | June 30, 2023 |
Customer relationships |  | 10 - 15 |  |  | $ | 3,712,300 |  |  | $ | 3,590,000 |
Trade secrets |  | 8 - 10 |  |  |  | 4,197,304 |  |  |  | 3,272,000 |
Trademarks |  | 8 - 10 |  |  |  | 4,256,418 |  |  |  | 3,814,000 |
Backlog |  | 1 |  |  |  | 463,525 |  |  |  | — |
Total intangible assets |  |  |  |  |  |  | 12,629,547 |  |  |  | 10,676,000 |
Less accumulated amortization |  |  |  |  |  |  | (8,978,808 | ) |  |  | (7,343,285 | )
Total intangible assets, net |  |  |  |  |  | $ | 3,650,739 |  |  | $ | 3,332,715 |
Future amortization of identifiable intangible assets is as follows:
Fiscal year ending: |  |  |
June 30, 2025 |  | $ | 884,654 |
June 30, 2026 |  |  | 388,336 |
June 30, 2027 |  |  | 388,336 |
June 30, 2028 |  |  | 388,336 |
June 30, 2029 |  |  | 388,336 |
After June 30, 2029 |  |  | 1,212,741 |
|  | $ | 3,650,739 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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