Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The change in the net carrying amount of goodwill for fiscal years 2018 and 2017 was as follows:

Goodwill at June 30, 2016	$	-
Additions		5,854,905
Goodwill at June 30, 2017		5,854,905
Additions		-
Goodwill at June 30, 2018	$	5,854,905

The increase in goodwill during the first half of fiscal 2017 was due to the Acquisition of ISP. There were no changes to the carrying amount of goodwill during the year ended June 30, 2018.

Identifiable intangible assets as a result of the Acquisition of ISP were comprised of:

	Useful		June 30,			June 30,
	Lives (Yrs)		2018			2017
Customer relationships		15	$	3,590,000		$	3,590,000
Backlog		2		366,000			366,000
Trade secrets		8		3,272,000			3,272,000
Trademarks		8		3,814,000			3,814,000
Non-compete agreement		3		27,000			27,000
Total intangible assets				11,069,000			11,069,000
Less accumulated amortization				(2,011,030	)		(693,947	)
Total intangible assets, net			$	9,057,970		$	10,375,053

Future amortization of identifiable intangibles is as follows:

Fiscal year ending:
June 30, 2019	$	1,220,664
June 30, 2020		1,129,342
June 30, 2021		1,125,083
June 30, 2022		1,125,083
June 30, 2023 and later		4,457,798
	$	9,057,970