6. Goodwill and Other Intangible Assets
 6 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

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 $705,300 at December 31, 2019 and June 30, 2019, all of which is expected to be deductible for tax purposes.

 

The components of other intangible assets are as follows:

 

 

 

Useful

Lives

   Cost     Accumulated Amortization     Net  
At December 31, 2019:                    
Technology, trademarks 5/10 yrs.   $ 663,800     $ 661,800     $ 2,000  
Trade names 6 yrs.     140,000       136,200       3,800  
Websites 5 yrs.     210,000       210,000       -  
Customer relationships 9/10 yrs.     357,000       314,700       42,300  
Sublicense agreements 10 yrs.     294,000       238,900       55,100  
Non-compete agreements 5 yrs.     384,000       384,000       -  
IPR&D 3 yrs.     110,000       110,000       -  
Other intangible assets 5 yrs.     229,200       189,200       40,000  
                         
    $ 2,388,000     $ 2,244,800     $ 143,200  

 

 

 

Useful

Lives

   Cost     Accumulated Amortization     Net  
At June 30, 2019:                    
Technology, trademarks 5/10 yrs.   $ 663,800     $ 661,700     $ 2,100  
Trade names 6 yrs.     140,000       124,400       15,600  
Websites 5 yrs.     210,000       210,000       -  
Customer relationships 9/10 yrs.     357,000       308,100       48,900  
Sublicense agreements 10 yrs.     294,000       224,100       69,900  
Non-compete agreements 5 yrs.     384,000       384,000       -  
IPR&D 3 yrs.     110,000       110,000       -  
Other intangible assets 5 yrs.     221,700       183,200       38,500  
                         
    $ 2,380,500     $ 2,205,500     $ 175,000  

 

Total amortization expense was $19,800 and $61,300 for the three months ended December 31, 2019 and 2018, respectively, and $39,300 and $122,300 for the six months ended December 31, 2019 and 2018, respectively. As of December 31, 2019, estimated future amortization expense related to intangible assets is $31,200 for the remainder of the fiscal year ending June 30, 2020, $54,300 for fiscal 2021, $31,700 for fiscal 2022, $15,000 for fiscal 2023 and $11,000 for fiscal 2024.