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Goodwill and Intangible Assets | 9 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets |
Goodwill And Intangible Assets | 8. Goodwill and Intangible Assets The change in the net carrying amount of goodwill during the nine months ended March 31, 2025 was as follows:
Goodwill at June 30, 2024 |  | $ | 6,764,127 |
Acquisition of G5 |  |  | 2,977,346 |
Goodwill at March 31, 2025 |  | $ | 9,741,473 |
The increase in goodwill during the nine months ended March 31, 2025 was due to the acquisition of G5 Infrared. 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 G5 Infrared, to these unaudited Condensed Consolidated Financial Statements, for more information. Amortizable intangible assets were comprised of:
|  | Useful Lives (Years) |  |  | March 31, 2025 |  |  | June 30, 2024 |
Customer relationships |  | 10 - 15 |  |  | $ | 9,522,300 |  |  | $ | 3,712,300 |
Trade secrets |  | 8 - 10 |  |  |  | 7,761,304 |  |  |  | 4,197,304 |
Trademarks |  | 8 - 10 |  |  |  | 9,912,418 |  |  |  | 4,256,418 |
Backlog |  |  | 1 |  |  |  | 4,728,525 |  |  |  | 463,525 |
Total intangible assets |  |  |  |  |  |  | 31,924,547 |  |  |  | 12,629,547 |
Less accumulated amortization |  |  |  |  |  |  | (10,448,321 | ) |  |  | (8,978,808 | )
Total intangible assets, net |  |  |  |  |  | $ | 21,476,226 |  |  | $ | 3,650,739 |
Future amortization of intangible assets is as follows:
Fiscal year ending: |  |  |
June 30, 2025 (three months remaining) |  | $ | 1,460,967 |
June 30, 2026 |  |  | 4,244,494 |
June 30, 2027 |  |  | 1,578,869 |
June 30, 2028 |  |  | 1,578,869 |
June 30, 2029 |  |  | 1,578,869 |
After June 30, 2029 |  |  | 11,034,158 |
|  | $ | 21,476,226 |

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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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