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

Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2016

Goodwill And Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 7. INTANGIBLE ASSETS

Intellectual property and intangible assets consisted of the following at:

	June 30, 2016			December 31, 2015
Patents	$	13,615,967		$	13,615,967
Customer relationships		3,400,000			3,400,000
Trademarks		2,740,000			2,740,000
Non-compete agreements		660,000			660,000
Licensing agreements		35,000			35,000
		20,450,967			20,450,967
Less: accumulated amortization		(7,933,956	)		(7,189,331	)
Intangible assets, net	$	12,517,011		$	13,261,636

Amortization expense was $744,625 and $750,386 for the six months ended June 30, 2016 and 2015, respectively.

In October 2011, we acquired the following intangible assets related to the asset purchase with Prime Table Games LLC and Prime Table Games UK (collectively “Prime Table Games”):

	Fair Value
Patents	$	13,259,000
Customer relationships		3,400,000
Trademarks		2,740,000
Goodwill		1,091,000
Non-compete agreement		660,000
Total acquired intangible assets	$	21,150,000