6. Goodwill and Other Intangible Assets

6 Months Ended

Dec. 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 December 31, 2018 and June 30, 2018, 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 December 31, 2018:
Technology, trademarks	5/10 yrs.	$	662,800	$	649,500	$	13,300
Trade names	6 yrs.		140,000		112,800		27,200
Websites	5 yrs.		210,000		203,000		7,000
Customer relationships	9/10 yrs.		357,000		301,400		55,600
Sublicense agreements	10 yrs.		294,000		209,500		84,500
Non-compete agreements	5 yrs.		384,000		375,000		9,000
IPR&D	3 yrs.		110,000		110,000		-
Other intangible assets	5 yrs.		204,300		178,300		26,000
		$	2,362,100	$	2,139,500	$	222,600

	Useful Lives	Cost		Accumulated Amortization		Net
At June 30, 2018:
Technology, trademarks	5/10 yrs.	$	662,800	$	613,400	$	49,400
Trade names	6 yrs.		140,000		101,100		38,900
Websites	5 yrs.		210,000		182,000		28,000
Customer relationships	9/10 yrs.		357,000		294,800		62,200
Sublicense agreements	10 yrs.		294,000		194,800		99,200
Non-compete agreements	5 yrs.		384,000		348,000		36,000
IPR&D	3 yrs.		110,000		110,000		-
Other intangible assets	5 yrs.		198,100		173,100		25,000
		$	2,355,900	$	2,017,200	$	338,700

Total amortization expense was $61,300 and $61,100 for the three months ended December 31, 2018 and 2017, respectively and $122,300 and $122,200 for the six months ended December 31, 2018 and 2017, respectively. As of December 31, 2018, estimated future amortization expense related to intangible assets is $64,700 for the remainder of the fiscal year ending June 30, 2019, $66,400 for fiscal 2020, $49,100 for fiscal 2021, $26,100 for fiscal 2022, $9,800 for fiscal 2023, and $6,500 thereafter.