5. Goodwill and Other Intangible Assets

9 Months Ended

Mar. 31, 2018

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 at March 31, 2018 and June 30, 2017, 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 March 31, 2018:
Technology, trademarks	5/10 yrs.	$662,800	$595,300	$67,500
Trade names	6 yrs.	140,000	95,300	44,700
Websites	5 yrs.	210,000	171,500	38,500
Customer relationships	9/10 yrs.	357,000	291,400	65,600
Sublicense agreements	10 yrs.	294,000	187,400	106,600
Non-compete agreements	5 yrs.	384,000	334,500	49,500
IPR&D	3 yrs.	110,000	110,000	-
Other intangible assets	5 yrs.	198,000	171,200	26,800
		$2,355,800	$1,956,600	$399,200

	Useful Lives	Cost	Accumulated Amortization	Net
At June 30, 2017:
Technology, trademarks	5/10 yrs.	$662,800	$541,100	$121,700
Trade names	6 yrs.	140,000	77,800	62,200
Websites	5 yrs.	210,000	140,000	70,000
Customer relationships	9/10 yrs.	357,000	281,400	75,600
Sublicense agreements	10 yrs.	294,000	165,400	128,600
Non-compete agreements	5 yrs.	384,000	294,000	90,000
IPR&D	3 yrs.	110,000	110,000	-
Other intangible assets	5 yrs.	194,500	163,600	30,900
		$2,352,300	$1,773,300	$579,000

Total amortization expense was $61,200 and $69,900 for the three months ended March 31, 2018 and 2017, respectively and $183,400 and $224,000 for the nine months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, estimated future amortization expense related to intangible assets is $60,200 for the remainder of the fiscal year ending June 30, 2018, $185,800 for fiscal 2019, $65,400 for fiscal 2020, $48,000 for fiscal 2021, $27,000 for fiscal 2022, and $12,800 thereafter.