Galaxy Gaming, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill and finite-lived Intangible assets, net consisted of the following at December 31, 2018 and 2017:

	2018			2017
Goodwill	$	1,091,000		$	1,091,000
Other intangible assets:
Patents		13,485,000			13,475,000
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		126,015			102,968
Other intangible assets, gross		20,551,982			20,518,935
Less: accumulated amortization		(11,661,730	)		(10,157,126	)
Other intangible assets, net		8,890,252			10,361,809
Goodwill and other intangible assets, net	$	9,981,252		$	11,452,809

For the years ended December 31, 2018 and 2017, amortization expense related to the finite-lived intangible assets was $1,504,605 and $1,496,177 respectively.

Estimated amortization expense to be recorded for the twelve months ending 2019 through 2023 and thereafter are as follows:

December 31,	Total
2019	$	1,508,864
2020		1,464,789
2021		1,399,287
2022		1,108,412
2023		252,930
Thereafter		3,155,970
Total amortization	$	8,890,252