7. Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

7. Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company’s acquisition of Altamira and SBI’s acquisition of assets. Goodwill amounted to $589,900 and $447,900 at June 30, 2012 and June 30, 2011, all of which is expected to be deductible for tax purposes.

The components of other intangible assets are as follows:

	Useful Lives	Cost	Accumulated Amortization	Net
At June 30, 2012:
Technology, trademarks	5/10 yrs.	$    864,000	$           339,300	$   524,700
Customer relationships	10 yrs.	237,000	192,100	44,900
Sublicense agreements	10 yrs.	294,000	18,400	275,600
Non-compete agreements	5 yrs.	120,000	104,300	15,700
Other intangible assets	5 yrs.	143,900	127,500	16,400
		$ 1,658,900	$           781,600	$   877,300

	Useful Lives	Cost	Accumulated Amortization	Net
At June 30, 2011:
Technology	5 yrs.	$    300,000	$           275,000	$     25,000
Customer relationships	10 yrs.	237,000	177,200	59,800
Non-compete agreements	5 yrs.	102,000	93,500	8,500
Other intangible assets	5 yrs.	139,000	120,000	19,000
		$ 778,000	$           665,700	$   112,300

Total amortization expense was $115,900 and $111,400 in 2012 and 2011.

Estimated future amortization expense of intangible assets is as follows:

Fiscal Years
2013	$    112,700
2014	108,800
2015	105,200
2016	109,400
2017	93,800
Thereafter	347,400
	$ 877,300