Goodwill and Finite Lived Intangible Asset

12 Months Ended

Dec. 31, 2023

Goodwill and Finite Lived Intangible Asset

Goodwill and Finite Lived Intangible Asset

6. Goodwill and Finite Lived Intangible Asset

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 $115,300 as of December 31, 2023 and 2022 and June 30, 2022, respectively, 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
As of December 31, 2023
Technology, trademarks	3-10 yrs.	$	1,216,800	$	870,900	$	345,900
Trade names	3-6 yrs.		592,300		341,600		250,700
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		193,600		178,600
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4-5 yrs.		1,060,500		797,600		262,900
Patents	5-7 yrs.		595,800		384,000		211,800
		$	4,341,600	$	3,091,700	$	1,249,900

	Useful Lives	Cost		Accumulated Amortization		Net
As of December 31, 2022
Technology, trademarks	3-10 yrs.	$	1,216,800	$	721,700	$	495,100
Trade names	3-6 yrs.		592,300		266,000		326,300
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		163,800		208,400
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4-5 yrs.		1,060,500		602,000		458,500
Patents	5-7 yrs.		595,800		321,100		274,700
		$	4,341,600	$	2,578,600	$	1,763,000

	Useful Lives	Cost		Accumulated Amortization		Net
As of June 30, 2022
Technology, trademarks	3-10 yrs.	$	1,278,900	$	653,400	$	625,500
Trade names	3-6 yrs.		592,300		228,200		364,100
Websites	3-7 yrs.		210,000		210,000		-
Customer relationships	4-10 yrs.		372,200		143,300		228,900
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4-5 yrs.		1,060,500		504,200		556,300
Patents	5-7 yrs.		594,300		289,300		305,000
		$	4,402,200	$	2,322,400	$	2,079,800

Total amortization expense was $513,100, $265,600 and $542,900 for the year ended December 31, 2023, for the six months ended December 31, 2022 and for the fiscal year ended June 30, 2022, respectively.

Estimated future amortization expense of intangible assets as of December 31, 2023 is as follows:

As of December 31,
2024	$	509,600
2025		371,500
2026		193,800
2027		92,600
2028		41,800
2029		40,600
Total	$	1,249,900

Impairment Loss

As of December 31, 2023 and 2022, respectively, there was no remaining goodwill to the Bioprocessing System reporting unit. For the fiscal year ended June 30, 2022, the Company recorded a goodwill impairment charge of $4,280,100 to the goodwill of the Bioprocessing Systems reporting unit as the excess of carrying value over fair value was higher than the recorded amount of goodwill for the reporting unit.

The Company recognized a impairment of intangible assets of $0, $51,500 and $0, for the year ended December 31, 2023, for the six month transition period ended December 31, 2022 and for the fiscal year ended June 30, 2022, respectively. The impairment charge is attributable to a technology intangible asset in the Bioprocessing segment, written down by $51,500, net of accumulated amortization, to its estimated fair value of $0.