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, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill. A goodwill balance of $1,091,000 was created as a result of an asset acquisition completed in October 2011 from Prime Table Games, LLC.

Other intangible assets, net. Other intangible assets, net consisted of the following at:

	September 30,			December 31,
	2019			2018
Patents	$	13,485,000		$	13,485,000
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		153,415			126,015
Other intangible assets, gross		20,579,382			20,551,982
Less: accumulated amortization		(12,796,490	)		(11,661,730	)
Other intangible assets, net	$	7,782,892		$	8,890,252

For the nine months ended September 30, 2019 and 2018, amortization expense related to the other intangible assets was $1,134,760 and $1,127,388, respectively.

Estimated future amortization expense is as follows:

Twelve Months Ending September 30,	Total
2020	$	1,500,836
2021		1,410,341
2022		1,398,822
2023		253,507
2024		252,930
Thereafter		2,966,456
Total amortization	$	7,782,892