Intangible assets (Notes)

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Intangible Assets

The Company's intangible assets consist of the following:

Trademark and Trade Names

    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 low

market capitalization of the Company's common stock, the Company performed an interim impairment test on its intangible asset during the year ended June 30, 2020. The outcome of this impairment test resulted in non-cash charge for the full impairment of the indefinite-lived intangible assets (trademark 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, 2021, no impairments were recorded.

Licenses

    The Company purchased no new licenses for year end June 30, 2021 and 2020 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, 2021 and 2020. Annual amortization related entirely to licenses is estimated to be $19,650 for the years ending June 30, 2022 through 2026 and $4,150 thereafter.

The following table presents amortized licenses as of June 30, 2021:

	Gross Carrying Amount		Impairment		Adjusted Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Amortized Intangible Assets Licenses
	$	199,000	$	—	$	199,000	$	(96,600)	$	102,400
Total	$	199,000	$	—	$	199,000	$	(96,600)	$	102,400

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