6. Goodwill and Other Intangible Assets

12 Months Ended

Jun. 30, 2020

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 June 30, 2020 and 2019, 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, 2020:
Technology, trademarks	5/10 yrs.	$	664,700	$	662,000	$	2,700
Trade names	6 yrs.		140,000		140,000		-
Websites	5 yrs.		210,000		210,000		-
Customer relationships	9/10 yrs.		357,000		321,400		35,600
Sublicense agreements	10 yrs.		294,000		253,600		40,400
Non-compete agreements	5 yrs.		384,000		384,000		-
IPR&D	3 yrs.		110,000		110,000		-
Other intangible assets	5 yrs.		246,600		196,600		50,000
		$	2,406,300	$	2,277,600	$	128,700

	Useful    Lives	Cost		Accumulated  Amortization		Net
At June 30, 2019:
Technology, trademarks	5/10 yrs.	$	663,800	$	661,700	$	2,100
Trade names	6 yrs.		140,000		124,400		15,600
Websites	5 yrs.		210,000		210,000		-
Customer relationships	9/10 yrs.		357,000		308,100		48,900
Sublicense agreements	10 yrs.		294,000		224,100		69,900
Non-compete agreements	5 yrs.		384,000		384,000		-
IPR&D	3 yrs.		110,000		110,000		-
Other intangible assets	5 yrs.		221,700		183,200		38,500
		$	2,380,500	$	2,205,500	$	175,000

Total amortization expense was $72,000 and $190,000 in 2020 and 2019, respectively.

Estimated future amortization expense of intangible assets as of June 30, 2020 is as follows:

Year Ended June 30,
2021	$	59,800
2022		36,800
2023		20,200
2024		8,400
2025		3,500
Total	$	128,700