Galaxy Gaming, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and finite-lived intangible assets, net consisted of the following at September 30, 2018 and December 31, 2017:

	2018			2017
Goodwill	$	1,091,000		$	1,091,000
Finite-lived intangible assets:
Patents		13,475,000			13,475,000
Customer relationships		3,400,000			3,400,000
Trademarks		2,880,967			2,880,967
Non-compete agreements		660,000			660,000
Internally-developed software		136,015			102,968
Other intangible assets, gross		20,551,982			20,518,935
Less: accumulated amortization		(11,284,514	)		(10,157,126	)
Other intangible assets, net		9,267,468			10,361,809
Goodwill and other intangible assets, net	$	10,358,468		$	11,452,809

For the nine months ended September 30, 2018 and 2017 amortization expense related to the finite-lived intangible assets was $1,127,389 and $1,123,980, respectively.

Estimated future amortization expense is as follows:

Twelve months Ending September 30,	Total
2019	$	1,508,864
2020		1,491,702
2021		1,401,025
2022		1,392,984
2023		253,507
Thereafter		3,219,386
Total amortization	$	9,267,468