7. Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2014

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 acquisitions. Goodwill amounted to $705,300 and $589,900 at June 30, 2014 and 2013 respectively, 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, 2014:
Technology, trademarks	5/10 yrs.	$	1,226,800	$	489,100	$	737,700
Trade names	6 yrs.		140,000		7,800		132,200
Websites	5 yrs.		210,000		14,000		196,000
Customer relationships	9/10 yrs.		357,000		215,800		141,200
Sublicense agreements	10 yrs.		294,000		77,200		216,800
Non-compete agreements	5 yrs.		384,000		126,300		257,700
IPR&D	3 yrs.		110,000		12,200		97,800
Other intangible assets	5 yrs.		157,400		140,900		16,500
		$	2,879,200	$	1,083,300	$	1,795,900

	Useful Lives		Cost		Accumulated Amortization		Net
At June 30, 2013:
Technology, trademarks	5/10 yrs.	$	865,400	$	402,100	$	463,300
Customer relationships	10 yrs.		237,000		203,200		33,800
Sublicense agreements	10 yrs.		294,000		47,800		246,200
Non-compete agreements	5 yrs.		114,000		105,900		8,100
Other intangible assets	5 yrs.		156,000		133,900		22,100
		$	1,666,400	$	892,900	$	773,500

Total amortization expense was $190,900 and $117,100 in 2014 and 2013, respectively.

Estimated future amortization expense of intangible assets is as follows:

Fiscal Years
2015	$	348,300
2016		352,400
2017		337,100
2018		323,300
2019		244,800
Thereafter		190,000
	$	1,795,900