GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Sep. 30, 2016

GOODWILL AND INTANGIBLE ASSETS [Abstract]

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS

At September 30, 2016 and June 30, 2016, intangible assets consisted of the following (in thousands, unaudited):

		September 30, 2016							June 30, 2016
	Estimated Useful Lives	Original Amount		Accumulated Amortization			Net Amount		Original Amount		Accumulated Amortization			Net Amount

Customer relationships	7 years	$	3,007	$	(167	)	$	2,840	$	580	$	(60	)	$	520
Permits	6 - 15 years		1,211		(215	)		996		668		(191	)		477
Patents	5 - 17 years		383		(255	)		128		383		(251	)		132
Tradename	7 years		270		(10	)		260		-		-			-
Non-compete	5 years		117		(6	)		111		-		-			-
Total intangible assets, net		$	4,988	$	(653	)	$	4,335	$	1,631	$	(502	)	$	1,129

During the three months ended September 30, 2016 and 2015, amortization expense was $0.2 million and $20 thousand, respectively.

The changes in the carrying amount of goodwill since June 30, 2016 was as follows (in thousands, unaudited):

Balance at June 30, 2016	$	1,039
Goodwill acquired during the three months ended September 30, 2016		5,685
Balance at September 30, 2016	$	6,724

As of September 30, 2016, future amortization of intangible assets is as follows (in thousands, unaudited):

Year Ending September 30,
2017	$	616
2018		615
2019		615
2020		615
2021		615
Thereafter		1,259
	$	4,335

Future amortization expense may fluctuate depending on future changes in acquisition related assets or changes to the estimated amortizable life of the intangibles.

- 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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