Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

In connection with the December 2016 acquisition of ISP, the Company identified intangible assets, which were recorded at fair value and are being amortized on a straight-line basis over their useful lives.  The excess purchase price over the fair values of all identified assets and liabilities was recorded as goodwill, attributable primarily to expected synergies and the assembled workforce of ISP.

There were no changes in the net carrying value of goodwill during the years ended June 30, 2022 and 2021, and there have been no events or changes in circumstances that indicate the carrying value of goodwill may not be recoverable.

Identifiable intangible assets were comprised of:

	Useful Lives (Years)	June 30, 2022			June 30, 2021
Customer relationships	15	$	3,590,000		$	3,590,000
Trade secrets	8		3,272,000			3,272,000
Trademarks	8		3,814,000			3,814,000
Total intangible assets			10,676,000			10,676,000
Less accumulated amortization			(6,218,202	)		(5,093,119	)
Total intangible assets, net		$	4,457,798		$	5,582,881

Future amortization of identifiable intangibles is as follows:

Fiscal year ending:
June 30, 2023		1,125,083
June 30, 2024		1,125,083
June 30, 2025		658,398
June 30, 2026		239,334
After June 30, 2026		1,309,900
	$	4,457,798