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

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 6. 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 December 31, 2023 and 2022:


	December 31,			December 31,
	2023			2022
Patents	$	13,507,799		$	13,507,997
Customer relationships		14,040,856			14,040,856
Trademarks		2,880,967			2,880,967
Intellectual property		2,000,000			2,000,000
Non-compete agreements		660,000			660,000
Software		1,432,396			968,362
Other intangible assets, gross		34,522,018			34,058,182
Less: accumulated amortization		(21,766,284	)		(20,152,071	)
Other intangible assets, net	$	12,755,735		$	13,906,111

For the years ended December 31, 2023 and 2022, amortization expense related to the finite-lived intangible assets was $1,839,211 and $2,456,175, respectively. As of December 31, 2023, $272,395 of intangible assets have not been placed into service and remain unamortized at December 31, 2023.

Estimated future amortization expense is as follows:


Years Ended December 31,	Total
2024	$	1,993,034
2025		2,026,040
2026		1,880,013
2027		1,638,396
2028		1,594,863
Thereafter		3,623,388
Total	$	12,755,735