GOODWILL AND INTANGIBLES

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES

The following table presents information about the Company’s goodwill and identifiable intangible assets on the dates indicated ( in thousands):

	06/30/2021					6/30/2020
	Cost		Impairment	Net		Cost		Impairment		Net
Bytewise	$	—	$—	$	—	$	3,034	$	(3,034)	$	—
Private Software Company	1,015		—	1,015		1,634		(619)		1,015
Goodwill	1,015		—	1,015		4,668		(3,653)		1,015

Identifiable intangible assets consist of the following (in thousands):

	6/30/2021		06/30/2020
Trademarks and trade names	$	2,070	$	2,070
Completed technology	2,010		2,010
Customer relationships	630		630
Software development	10,244		9,445
Other intangible assets	—		—
Gross intangible assets	14,954		14,155
Accumulated amortization and impairment	(10,066)		(9,158)
Net intangible assets	$	4,888	$	4,997

Identifiable intangible assets are being amortized on a straight-line basis over the period of expected economic benefit. Amortization expense was $1.2 million, $1.9 million and 2.0 million for the year ended June 30, 2021, 2020 and 2019, respectively. The estimated aggregate amortization expense for each of the next five years, and thereafter, is as follows:

Fiscal Year	(In thousands)
2022	$	1,391
2023	1,152
2024	882
2025	722
2026	512
Thereafter	229
	$	4,888

The following tables provides Goodwill carried at fair value measuring on a non-recurring basis as of June 30:

(in thousands)	Fair Value Measurements June 30, 2020				Expense
Goodwill	Carrying Value	Level 1	Level 2	Level 3	Year ended June 30, 2020
Private software company	$1,634	—	—	$1,015	$619

The Company’s acquisition of Bytewise in 2011 and a private software company in 2017 resulted in the recognition of goodwill totaling $4.7 million. In fiscal year 2020, the Company determined the COVID-19 pandemic was a triggering event at the private software company and Bytewise due to its negative impact on the Company’s revenue. The Company performed the intangible asset impairment assessment by running a quantitative analyses on an undiscounted basis for the intangible assets and determined an impairment of $2.8 million at the private software company and no impairment at Bytewise.

Under ASC 350 “Intangibles- Goodwill and Other”, the Company was required to test whether it is more likely than not the fair value of the reporting units goodwill exceeded its carrying amount. The Company performed the goodwill impairment assessment by running a quantitative analysis (commonly referred to as “Step One”) for both the Bytewise reporting unit and the private software company. The Company determined the fair value of the Bytewise and private software company using a discounted cash flow method for both reporting units. Based on this analysis, it was determined that the fair value of the reporting units was below their respective carrying amounts. As a result, the Company concluded that goodwill was impaired $3.7 million as of June 30, 2020. The Company concluded there was no triggering events in fiscal 2021 and no impairment was recorded as of June 30, 2021.