6 Goodwill and Other Intangible Assets

9 Months Ended

Mar. 31, 2022

6 Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

6. Goodwill and Finite Lived Intangible Assets

Goodwill amounted to $4,395,400 at March 31, 2022 and June 30, 2021, all of which is expected to be deductible for tax purposes.

The components of finite-lived intangible assets are as follows:

	Useful Lives	Cost		Accumulated Amortization		Net
At March 31, 2022:
Technology, trademarks	5-10 yrs.	$	817,000	$	431,800	$	385,200
Trade names	3-6 yrs.		140,000		140,000		-
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		133,100		239,100
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4-5 yrs.		1,060,500		455,300		605,200
In-process research and development	3-5 yrs.		917,600		249,600		668,000
Patents	5-7 yrs.		593,000		274,200		318,800
		$	4,404,300	$	2,188,000	$	2,216,300

	Useful Lives	Cost		Accumulated Amortization		Net
At June 30, 2021:
Technology, trademarks	5-10 yrs.	$	364,700	$	362,200	$	2,500
Trade names	3-6 yrs.		592,300		152,600		439,700
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		102,400		269,800
Sublicense agreements	10 yrs.		294,000		283,000		11,000
Non-compete agreements	4-5 yrs.		1,060,500		308,600		751,900
In-process research and development	3-5 yrs.		852,100		134,800		717,300
Patents	5-7 yrs.		591,500		225,900		365,600
		$	4,337,300	$	1,779,500	$	2,557,800

Total amortization expense was $134,600 and $16,000 for the three months ended March 31, 2022 and 2021, respectively, and $408,500 and $48,500 for the nine months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, estimated future amortization expense related to intangible assets is $134,300 for the remainder of the fiscal year ending June 30, 2022, $520,900 for fiscal 2023, $518,900 for fiscal 2024, $485,100 for fiscal 2025, $284,600 for fiscal 2026 and $137,500 thereafter.