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Goodwill and Intangible Assets

12 Months Ended

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