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Goodwill and Intangible Assets

6 Months Ended

Dec. 31, 2023

7. Goodwill and Intangible Assets

The change in the net carrying amount of goodwill during the six months ended December 31, 2023 was as follows:

Goodwill at June 30, 2023	$	5,854,905
Acquisition of Visimid		909,222
Goodwill at December 31, 2023	$	6,764,127

The increase in goodwill during the six months ended December 31, 2023 was due to the acquisition of Visimid. The Company is in the process of finalizing 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)	December 31, 2023			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			(8,110,003	)		(7,343,285	)
Total intangible assets, net		$	4,519,544		$	3,332,715

Future amortization of identifiable intangibles is as follows:

Fiscal year ending:
June 30, 2024 (remaining six months)	$	868,805
June 30, 2025		884,654
June 30, 2026		388,336
June 30, 2027		388,336
After June 30, 2027		1,989,413
	$	4,519,544