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Finite-life Intangible Assets

9 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Finite-life Intangible Assets

Note 4. Finite-life Intangible Assets

The carrying value of patents and trademarks includes the original cost of obtaining the patents, periodic renewal fees and other costs associated with maintaining and defending patent and trademark rights. Patents and trademarks are amortized over their estimated useful lives, generally 15 and 12 years, respectively. Accumulated amortization was approximately $1,216,000 and $1,119,000 at March 31, 2021 and June 30, 2020, respectively. The activity and balances of finite-life intangible assets were as follows:

		Nine Months Ended				Fiscal Year Ended
		March 31, 2021				June 30, 2020
Balance, beginning		$	598,389			$	581,413
Additions			102,826				138,739
Amortization expense			(98,785	)			(121,763	)
Balance, ending		$	602,430			$	598,389

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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