Intangible Assets

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 4 - Intangible Assets

Intangible assets are stated at the lower of cost or fair value. Intangible assets are amortized on a straight-line basis over five years, representing the period over which the Company expects to receive future economic benefits from these assets. The following tables shows goodwill, finite-lived intangible assets, accumulated amortization, and the impairment charges:

September 30, 2020
	Cost	Accumulated Amortization	Net Book Value	Impairment	Total
Goodwill	$                834,220	$                      -	$        834,220	$                  -	$  834,220
Finite-lived assets:
Customer list	$                881,000	$        (168,293)	$        712,707	$                  -	$  712,707
Vendor relationships	471,096	(95,797)	375,299	-	375,299
Capitalized product development costs	281,845	(14,048)	267,797	-	267,797
	$             1,633,941	$        (278,138)	$     1,355,803	$                  -	$1,355,803
June 30, 2020
	Cost	Accumulated Amortization	Net Book Value	Impairment	Total
Goodwill	$             1,634,507	$                       -	$     1,634,507	$   (800,287)	$  834,220
Finite-lived assets:
Customer list	$                881,000	$        (132,147)	$        748,853	$                  -	$  748,853
Vendor relationships	479,000	(71,847)	407,153	-	407,153
Noncompete agreements	1,600,000	(400,000)	1,200,000	(1,200,000)	-
Capitalized product development costs	281,845	(1,536)	280,309	-	280,309
	$             3,241,845	$        (605,530)	$     2,636,315	$(1,200,000)	$1,436,315

Estimated amortization expense related to intangible assets for the next five years is as follows:

Period ending September 30,
2021	$      347,293
2022	353,660
2023	361,577
2024	276,383
2025	16,890
	$   1,355,803