Intangible Assets

The Company's intangible assets consist of the following:



	2020		2019
Trademarks and trade names
Net carrying amount	$	—	$	605,006
Total	$	—	$	605,006

The Company tests indefinite-life intangible assets 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 intangible assets may be impaired. Due to the current low market capitalization of the Company's common stock, the Company performed an interim impairment test on its intangible asset. The outcome of this impairment test resulted in non-cash charge for the full impairment of the indefinite-lived intangible assets (trade mark and trade names) of $605,006, which was recorded in the consolidated financial statements for the year ended June 30, 2020. During the year ended June 30, 2019, no impairments were recorded.

Licenses

The Company purchased no new licenses for year end June 30, 2020 and 2019 respectively and the cost is capitalized and amortized over 10 years. Amortization expense is approximately $20,000 for each of the years ended June 30, 2020 and 2019. Annual amortization related entirely to licenses is estimated to be $19,650 for the years ending June 30, 2021 through 2025 and $23,800 thereafter.

The following table presents amortized licenses as of June 30, 2020:



	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortized Intangible Assets Licenses
	$	199,000	$	—	$	199,000	$	(76,950	)	$	122,050
Total	$	199,000	$	—	$	199,000	$	(76,950	)	$	122,050

The following table presents amortized licenses as of June 30, 2019:



	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization			Net Carrying Value
Amortized Intangible Assets Licenses
	$	199,000	$	—	$	199,000	$	(57,300	)	$	141,700
Total	$	199,000	$	—	$	199,000	$	(57,300	)	$	141,700