Goodwill (Tables)

9 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in carrying amount of goodwill by reporting unit

The changes in the carrying amount of goodwill by reporting unit during the fiscal years ended June 30, 2022 and September 30, 2021 were as follows:

	OSI Inc.		SSE		Heritage AspenTech		Total
Balance, September 30, 2020	$	—	$	77,000	$	—	$	77,000
Acquisition of OSI Inc.	967,383		—		—		967,383
Balance, September 30, 2021	967,383		77,000		—		1,044,383
Acquisition of Heritage AspenTech	—		—		7,222,799		7,222,799
Effect of Currency Translation	—		—		(373)		(373)
Balance, June 30, 2022	$	967,383	$	77,000	$	7,222,426	$	8,266,809

The increase in goodwill balances in fiscal year 2022 and 2021 were due to the Heritage AspenTech and OSI Inc. acquisitions, respectively. See Note 4, "Acquisitions".

In accordance with ASC 350, Intangibles - Goodwill and Other, the Company determined its reporting units based upon whether discrete financial information is available, if management regularly reviews the operating results of the component, the nature of the products offered to customers and the market characteristics of each reporting unit. On May 16, 2022, the Company completed the acquisition of Heritage AspenTech, resulting in the addition of a new operating segment and reporting unit.