6. Goodwill and Intangible Assets

As further described in Note 1 to these financial statements, the economic impact of the ongoing pandemic on the LMCS business and our decision to not provide additional resources to LMCS to fund MCAs through MCA originators in the future triggered the requirement for a quantitative impairment test of the goodwill and long-lived assets attributable to our LMCS business unit during the fourth quarter of our fiscal year ended June 30, 2020. As such, we conducted these impairment analyses and concluded that the goodwill, long-lived assets, and right-of-use lease assets attributable to our LMCS business unit were impaired as of June 30, 2020. Our right-of-use lease asset is discussed further in Note 16. Definite-lived intangible assets and goodwill as of June 30, 2020 and 2019 consisted of the following (amounts in thousands):


	Fiscal Year Ended June 30, 2020
	Remaining			Current Period		Less:
	Useful	Gross		Impairment		Accumulated
	Life	Value		Charge		Amortization		Total

Trade names	10 years	$	180	$	(25)	$	(25)	$	130
Non-competition agreements	1 year		790		(473)		(217)		100
Investor/Funder relationships	6 years		2,120		(64)		(416)		1,640
Definite lived intangible assets		$	3,090	$	(562)	$	(658)	$	1,870

Goodwill		$	1,260	$	(780)	$	—	$	480


	Fiscal Year Ended June 30, 2019
			Current Period		Less:
	Gross		Impairment		Accumulated
	Value		Charge		Amortization		Total

Trade names	$	180	$	—	$	(7)	$	173
Non-competition agreements		790		—		(59)		731
Investor/Funder relationships		2,120		—		(114)		2,006
Definite lived intangible assets	$	3,090	$	—	$	(180)	$	2,910

Goodwill	$	1,260	$	—	$	—	$	1,260

A non-cash impairment charge was recorded as reflected in the table above as of June 30, 2020. Offsetting this non-cash impairment charge, we also reduced the estimated fair value of contingent consideration payable to Old LuxeMark in the form of cash and warrants by $3,090,000 to zero during our fiscal year ended June 30, 2020. If the pandemic's economic impact becomes more severe, or if the economic recovery takes longer to materialize or does not materialize as strongly as anticipated, we may realize further charges for impairments of long-lived assets and goodwill.

At June 30, 2020, amortization of definite-lived intangibles for the next five years is expected to be as follows (amounts in thousands):


Fiscal Year Ending June 30		Amount

2021		386
2022		287
2023		286
2024		286
2025		286
Thereafter		339