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

3 Months Ended

Mar. 31, 2020

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:

	March 31,			December 31,
	2020			2019
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			183,415
Other intangible assets, gross		20,609,382			20,609,382
Less: accumulated amortization		(13,561,238	)		(13,178,739	)
Other intangible assets, net	$	7,048,144		$	7,430,643

For the three months ended March 31, 2020 and 2019, amortization expense related to the other intangible assets was $382,499 and $377,216, respectively.

Estimated future amortization expense is as follows:

Twelve Months Ending March 31,	Total
2021	$	1,457,258
2022		1,415,500
2023		829,535
2024		252,930
2025		252,930
Thereafter		2,839,991
Total amortization	$	7,048,144