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CUSTOMER RELATIONSHIPS | 12 Months Ended
--- | ---
Jun. 30, 2015
Notes to Financial Statements |
NOTE 7 - CUSTOMER RELATIONSHIPS | Customer relationships consist of the following at June 30:
|  | 2015 |  |  | 2014 |
Customer relationships |  | $ | 6,230,112 |  |  | $ | 4,223,161 |
Less accumulated amortization |  |  | (2,727,458 | ) |  |  | (2,305,142 | )
Less impairment charge |  |  | (1,495,703 | ) |  |  | - |
|  | $ | 2,006,951 |  |  | $ | 1,918,019 |
Amortization expense for the years ended June 30, 2015 and 2014 was $422,316 and $422,316, respectively. The Company recognized a non-cash impairment charge of $1.5 million during the year ended June 30, 2015, due principally to decreased margins on customers acquired in connection with the Prescient acquisition. In management’s determination, the carrying value of these relationships exceeded their estimated fair values as determined by future discounted cash flow projections. When projecting the stream of future cash flows for purposes of determining long-lived asset recoverability, management makes assumptions, incorporating market conditions, sales growth rates, and operating expenses. Estimated aggregate amortization expenses per year are as follows:
Years ending June 30: |  |  |
2016 |  |  | 200,695 |
2017 |  |  | 200,695 |
2018 |  |  | 200,695 |
2019 |  |  | 200,695 |
Thereafter |  |  | 1,204,171 |

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