Akoustis Technologies, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

9 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 8: Goodwill and Intangible Assets

Intangible assets consisted of the following as of March 31, 2022 (in thousands):

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years
Goodwill	$	8,051	$	—		$	8,051		indefinite
Trademarks	$	700	$	(64	)	$	636		5
Developed Technology	$	1,913	$	(167	)	$	1,746		10
Customer Relationships	$	7,455	$	(488	)	$	6,967		7
Total	$	18,119	$	(719	)	$	17,400

Intangible assets consisted of the following as of June 30, 2021 (in thousands):

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Useful Life in Years
Developed Technology	$	634	$	(62	)	$	572		15

Amortization expense totaled $355 thousand for the three months ended March 31, 2022 and $658 thousand for the nine months ended March 31, 2022. Estimated future amortization expense of intangible assets for each of the next five fiscal years and thereafter are as follows (in thousands):

2022	$	358
2023	$	1,431
2024	$	1,431
2025	$	1,431
2026	$	1,431
Thereafter	$	3,267
Total	$	9,349