Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets

Goodwill and Intangible Assets

7. Goodwill and Intangible Assets

In connection with the December 2016 acquisition of ISP, the Company identified intangible assets, which were recorded at fair value and are being amortized on a straight-line basis over their useful lives. The excess purchase price over the fair values of all identified assets and liabilities was recorded as goodwill, attributable primarily to expected synergies and the assembled workforce of ISP.

The increase in goodwill during the year ended June 30, 2025 was due to the acquisition of G5 Infrared. See Note 3, Acquisitions, to these consolidated financial statements, for more information.

There have been no events or changes in circumstances that indicate the carrying value of goodwill may not be recoverable.

Identifiable intangible assets were comprised of:

		Useful Lives (Years)				June 30, 2025				June 30, 2024
Customer relationships		10 - 15				$	8,852,300			$	3,712,300
Trade secrets		8 - 10					8,998,304				4,197,304
Tradenames		8 - 10					7,706,418				4,256,418
Backlog			1				824,525				463,525
Total intangible assets							26,381,547				12,629,547
Less accumulated amortization							(10,393,624	)			(8,978,808	)
Total intangible assets, net						$	15,987,923			$	3,650,739

Future amortization of identifiable intangible assets is as follows:

Fiscal year ending:
June 30, 2026			1,666,728
June 30, 2027			1,441,103
June 30, 2028			1,441,103
June 30, 2029			1,441,103
June 30, 2030			1,441,103
After June 30, 2030			8,556,783
		$	15,987,923