Intangible Assets

12 Months Ended

Jun. 30, 2018

Finite-Lived Intangible Assets [Line Items]

The Company's intangible assets consist of the following:



	2018 Net Carrying Amount		2017 Net Carrying Amount
Trademarks and trade names
	$	605,006	$	605,006
Total	$	605,006	$	605,006

Patents

It is the Company’s practice to seek patent protection on processes and products in various countries. Patent application costs are capitalized and amortized over their estimated useful lives, not exceeding 17 years, on a straight-line basis from the date the related patents are issued. Costs associated with patents no longer being pursued are expensed. Accumulated amortization on patents from continuing operations was approximately $91,000 at June 30, 2018 and 2017, respectively. Amortization expense for the years ended June 30, 2018 and 2017 was approximately $400 and $2,000, respectively.

The following table presents amortized intangible assets as of June 30, 2018:



	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortized Intangible Assets Patents
	$	90,962	$	—	$	90,962	$	(90,962	)	$	—
Total	$	90,962	$	—	$	90,962	$	(90,962	)	$	—

The following table presents amortized intangible assets as of June 30, 2017:



	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortized Intangible Assets Patents
	$	90,962	$	—	$	90,962	$	(90,562	)	$	400
Total	$	90,962	$	—	$	90,962	$	(90,562	)	$	400

Licenses

The Company purchased new licenses of $12,500 and $8,000 for year end June 30, 2018 and 2017, respectively and the cost is capitalized and amortized over 10 years. Amortization expense is $20,000 and $18,000 for the year ended June 30, 2018 and 2017. Annual amortization related entirely to licenses is estimated to be approximately $20,000 for the years ending June 30, 2019, 2020, 2021,2022 and 2023.

The following table presents amortized licenses as of June 30, 2018:



	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortized Intangible Assets Licenses
	$	199,000	$	—	$	199,000	$	(37,650	)	$	161,350
Total	$	199,000	$	—	$	199,000	$	(37,650	)	$	161,350

The following table presents amortized licenses as of June 30, 2017:



	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortized Intangible Assets Licenses
	$	186,500	$	—	$	186,500	$	(18,000	)	$	168,500
Total	$	186,500	$	—	$	186,500	$	(18,000	)	$	168,500

The Company tests goodwill for possible impairment on an annual basis at June 30, and at any other time events occur or circumstances indicate that the carrying amount of goodwill may be impaired. As a result of the Company's testing during the year ended June 30, 2017, the goodwill carrying amount of $125,027 was deemed impaired and written off .

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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