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Patents | 9 Months Ended
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Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Patents | The cost of the oxidation-reduction potential (“ORP”) technology related patents for the MiOXSYS Systems was $380,000 when they were acquired and are being amortized over the remaining U.S. patent life of approximately 15 years as of the date, which expires in March 2028. Patents consist of the following:
|  | As of |  |  | As of |
|  | March 31, |  |  | June 30, |
|  | 2020 |  |  | 2019 |
Patents - MiOXSYS |  | $ | 380,000 |  |  | $ | 380,000 |
Less accumulated amortization |  |  | (178,000 | ) |  |  | (159,000 | )
Patents, net |  | $ | 202,000 |  |  | $ | 221,000 |
The amortization expense was $6 thousand for the three months ended March 31, 2020 and 2019, respectively, and $19 thousand for the nine months ended March 31, 2020 and 2019 respectively. On February 14, 2020, upon completion of the Merger with Innovus, the Company recognized the fair value of the rental of the customer lists for $390,000 and will amortize the asset over a useful life of 1.5 years. The Company recognized the fair value of trademarks, patents or a combination of both for 18 distinct products that the Company markets, distributes and sells for $11,354,000 and will amortize the asset over a useful life of 5 years.
|  | As of |  |  | As of |
|  | March 31, |  |  | June 30, |
|  | 2020 |  |  | 2019 |
Patents & tradenames |  | $ | 11,354,000 |  |  | $ | - |
Customers contracts |  |  | 390,000 |  |  |  | - |
Less accumulated amortization |  |  | (221,000 | ) |  |  | - |
Patents & tradenames, net |  | $ | 11,523,000 |  |  | $ | - |

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- Definition The entire disclosure for goodwill and 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 + Details
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