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INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

5. INTANGIBLE ASSETS

Amortization expense relating to all acquired intangible assets was approximately $22,000, $742,000, and $998,000 during each of the years ended June 30, 2014, 2013, and 2012, respectively. The intangible asset balance and related accumulated amortization consisted of the following:


	June 30, 2014
	Gross
	Carrying		Accumulated			Net Carrying
	Amount		Amortization			Value
Intangible assets:

Trademarks	$	1,482,100	$	(1,050,000	)	$	432,100
Patents		9,294,000		(9,294,000	)		-
Total	$	10,776,100	$	(10,344,000	)	$	432,100

	June 30, 2013
	Gross
	Carrying		Accumulated			Net Carrying
	Amount		Amortization			Value
Intangible assets:

Trademarks	$	1,482,100	$	(1,050,000	)	$	432,100
Patents		9,294,000		(9,272,047	)		21,953
Total	$	10,776,100	$	(10,322,047	)	$	454,053

The Company’s test for impairment of its indefinite-lived trademarks includes the following trademarks: 1) VendingMiser, 2) CoolerMiser, 3) PlugMiser and 4) SnackMiser. As a result of its testing in fiscal years ended June 30, 2014, 2013 and 2012, the Company determined that no impairment had occurred. At June 30, 2014, the definitive-lived intangible assets have been fully amortized. At June 30, 2014 and 2013, $432,100 of trademarks has an indefinite life and is included in the intangible assets tables above.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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