Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.20.1
GOODWILL AND OTHER INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

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 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

 

 

183,415

 

 

 

126,015

 

Other intangible assets, gross

 

 

20,609,382

 

 

 

20,551,982

 

Less: accumulated amortization

 

 

(13,178,739

)

 

 

(11,661,730

)

Other intangible assets, net

 

$

7,430,643

 

 

$

8,890,252

 

 

For the years ended December 31, 2019 and 2018, amortization expense related to the finite-lived intangible assets was $1,517,009 and $1,504,605 respectively.

 

Estimated future amortization expense is as follows:

 

December 31,

 

Total

 

2020

 

$

1,484,922

 

2021

 

 

1,417,422

 

2022

 

 

1,119,217

 

2023

 

 

252,930

 

2024

 

 

252,930

 

Thereafter

 

 

2,903,222

 

Total amortization

 

$

7,430,643