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(5) Intangible Assets
 12 Months Ended
Jun. 30, 2018
Disclosure Text Block [Abstract]  
(5) Intangible Assets

Identifiable intangible assets, other than goodwill, consisted of the following as of and for the years ended June 30, 2018 and 2017:

 

    Trade name - indefinite life     Trade name     Non-compete covenant     Customer relationships     Total  
Gross carrying amount                              
June 30, 2017   $ 464,000     $ 389,800     $ 504,400     $ 2,030,800     $ 3,389,000  
Additions     620,000       -       83,000       4,313,000       5,016,000  
Disposals     -       (119,200 )     (114,000 )     (100,400 )     (333,600 )
June 30, 2018     1,084,000       270,600       473,400       6,243,400       8,071,400  
                                         
Accumulated Amortization                                        
June 30, 2017   $ -     $ 266,149     $ 167,150     $ 201,583     $ 634,882  
Additions     -       43,241       83,450       511,669       638,360  
Disposals     -       (119,200 )     (114,000 )     (100,400 )     (333,600 )
June 30, 2018     -       190,190       136,600       612,852       939,642  
Net book value   $ 1,084,000     $ 80,410     $ 336,800     $ 5,630,548     $ 7,131,758  

 

 

    Trade name - indefinite life     Trade name     Non-compete covenant     Customer relationships     Total  
Gross carrying amount                              
June 30, 2016   $ -     $ 389,800     $ 149,400     $ 160,800     $ 700,000  
Additions     464,000       -       355,000       1,870,000       2,689,000  
Disposals     -       -       -       -       -  
June 30, 2017     464,000       389,800       504,400       2,030,800     $ 3,389,000  
                                         
Accumulated Amortization                                        
June 30, 2016   $ -     $ 241,087     $ 149,400     $ 149,390     $ 539,877  
Additions     -       25,062       17,750       52,193       95,005  
Disposals     -       -       -       -       -  
June 30, 2017     -       266,149       167,150       201,583       634,882  
Net book value   $ 464,000     $ 123,651     $ 337,250     $ 1,829,217     $ 2,754,118  

 

As of June 30, 2018, as a result of discontinuing the use of one of our previously acquired dealers, the Company wrote-off the related trade name, non-compete covenants, and customer relationships of the dealer.

 

Amortization expense associated with the intangible assets was $638,360 and $95,005 for the fiscal years ended June 30, 2018 and 2017, respectively. Estimated future amortization expense for the identifiable intangible assets is expected to be as follows as of June 30:

 

 

2019   $ 707,093  
2020     707,093  
2021     707,093  
2022     676,893  
2023     618,300  
Thereafter     2,631,286  
Total   $ 6,047,758