Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.21.2
GOODWILL AND OTHER INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2021
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 a transaction completed in October 2011 with Prime Table Games, LLC (“PTG”).

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

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Patents

 

$

13,507,997

 

 

$

13,507,997

 

Customer relationships

 

 

13,942,115

 

 

 

13,942,115

 

Trademarks

 

 

2,880,967

 

 

 

2,880,967

 

Non-compete agreements

 

 

660,000

 

 

 

660,000

 

Software

 

 

233,314

 

 

 

183,415

 

Other intangible assets, gross

 

 

31,224,393

 

 

 

31,174,494

 

Less: accumulated amortization

 

 

(17,043,429

)

 

 

(15,087,598

)

Other intangible assets, net

 

$

14,180,964

 

 

$

16,086,896

 

 

For the three months ended September 30, 2021 and 2020, amortization expense related to other intangible assets was $653,330 and $501,706, respectively. For the nine months ended September 30, 2021 and 2020, amortization expense related to other intangible assets was $1,955,832 and $1,258,124, respectively.

Estimated future amortization expense is as follows:

 

Twelve Months Ending September 30,

 

Total

 

2022

 

$

2,601,469

 

2023

 

 

1,448,320

 

2024

 

 

1,437,093

 

2025

 

 

1,424,276

 

2026

 

 

1,424,276

 

Thereafter

 

 

5,845,530

 

Total amortization

 

$

14,180,964