GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

6. GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill at September 2022 and September 2021 was as follows:

	September		September
Wholesale Segment	2022		2021
Beginning Balance	$	4,436,950	$	4,436,950
Acquisition of Team Sledd, LLC		841,000		—
Ending Balance	$	5,277,950	$	4,436,950

Other intangible assets at September 2022 and September 2021 consisted of the following:

	September		September
	2022		2021
Customer list (Wholesale Segment) (less accumulated amortization of less than $0.1 million at September 2022)	$	1,401,945	$	—
Non-competition agreement (Wholesale Segment) (less accumulated amortization of less than $0.1 million at September 2022)		191,168		—
Trademarks and tradenames (Retail Segment)		500,000		500,000
	$	2,093,113	$	500,000

Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheets represents amounts allocated to its wholesale reporting unit which totaled approximately $5.3 million and $4.4 million at September 2022 and September 2021, respectively. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2022 and September 2021.

At September 2022, identifiable intangible assets considered to have finite lives were represented by a customer list which is being amortized over fifteen years and a non-competition agreement which is being amortized over three years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was $0.1 million during fiscal 2022.

Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at September 2022:

	September
	2022
Fiscal 2023	$	170,130
Fiscal 2024		170,130
Fiscal 2025		139,304
Fiscal 2026		96,132
Fiscal 2027		96,132
Fiscal 2028 and thereafter		921,285
	$	1,593,113