Intangible Assets

6 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

In connection with the Solsys Acquisition, the Company acquired intangible assets primarily consisting of customer relationships, trade names and non-competition agreements. The table below summarizes the intangible assets acquired:

	December 31,			June 30,		Amortization
	2019			2019		Period
Customer relationships	$	7,400,000		$	-	15 years
Trade names		12,800,000			-	15 years
Non-competition agreements		200,000			-	1 year
Total	$	20,400,000			-
Less accumulated amortization		(386,667	)		-
Net intangible assets	$	20,013,333		$	-

The following is a schedule of estimated future intangible asset amortization expense by fiscal year as of December 31, 2019:

2020	1,160,000
2021	1,396,667
2022	1,346,667
2023	1,346,667
2024	1,346,667
Thereafter	13,803,332
	20,400,000