7. Goodwill and Other Intangible Assets

9 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

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 as of March 31, 2017 and June 30, 2016, respectively, all of which is deductible for tax purposes.

The components of other intangible assets are as follows:

	Useful Lives	Cost		Accumulated Amortization		Net
At March 31, 2017:
Technology, trademarks	5/10 yrs.	$	722,800	$	532,000	$	190,800
Trade names	6 yrs.		140,000		71,900		68,100
Websites	5 yrs.		210,000		129,500		80,500
Customer relationships	9/10 yrs.		357,000		278,100		78,900
Sublicense agreements	10 yrs.		294,000		158,000		136,000
Non-compete agreements	5 yrs.		384,000		280,500		103,500
Intellectual property,Reasearch & Development (IPR&D)	3 yrs.		110,000		110,000		0
Other intangible assets	5 yrs.		194,500		162,100		32,400
		$	2,412,300	$	1,722,100	$	690,200

	Useful Lives		Cost		Accumulated Amortization		Net
At June 30, 2016:
Technology,  trademarks	5/10 yrs.	$	722,800	$	468,800	$	254,000
Trade names	6 yrs.		140,000		54,400		85,600
Websites	5 yrs.		210,000		98,000		112,000
Customer relationships	9/10 yrs.		357,000		261,600		95,400
Sublicense agreements	10 yrs.		294,000		136,000		158,000
Non-compete agreements	5 yrs.		384,000		239,100		144,900
Intellectual property,Reasearch & Development (IPR&D)	3 yrs.		110,000		85,500		24,500
Other intangible assets	5 yrs.		177,900		154,700		23,200
		$	2,395,700	$	1,498,100	$	897,600

Total amortization expense was $69,900 and $89,400 for the three months ended March 31, 2017 and 2016, respectively and $224,000 and $263,200 for the nine months ended March 31, 2017 and 2016, respectively. As of March 31, 2017, estimated future amortization expense related to intangible assets is $73,400 for the remainder of the fiscal year ending June 30, 2017, $288,500 for fiscal 2018, $210,600 for fiscal 2019, $45,100 for fiscal 2020, $43,500 for fiscal 2021, and $29,100 thereafter.