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

3 Months Ended

Mar. 31, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 8. INTANGIBLE ASSETS

Intellectual property and intangible assets consisted of the following at:

	March 31, 2015			December 31, 2014
Patents	$	12,866,217		$	12,866,217
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
		19,701,217			19,701,217
Less: accumulated amortization		(5,322,642	)		(4,944,569	)
Intangible assets, net	$	14,378,575		$	14,756,648

Amortization expense was $378,073 and $389,499 for the three months ended March 31, 2015 and 2014, 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