GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Dec. 31, 2022

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

3. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill at December 2022 and September 2022 was as follows:

	December		September
	2022		2022
Wholesale Segment	$	5,277,950	$	5,277,950

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

	December		September
	2022		2022
Customer list (Wholesale Segment) (less accumulated amortization of $0.1 million at December 2022 and less than $0.1 million at September 2022)	$	1,377,912	$	1,401,945
Non-competition agreement (Wholesale Segment) (less accumulated amortization of less than $0.1 million at both December 2022 and September 2022)		172,668		191,168
Trademarks and tradenames (Retail Segment)		500,000		500,000
	$	2,050,580	$	2,093,113

Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been recorded on these assets. Goodwill recorded on the Company’s consolidated balance sheets represent amounts allocated to its wholesale reporting unit which totaled approximately $5.3 million at both December 2022 and September 2022. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2022.

At December 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 less than $0.1 million for the three month period ended December 2022.

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

	December
	2022
Fiscal 2023 (1)	$	127,598
Fiscal 2024		170,130
Fiscal 2025		139,303
Fiscal 2026		96,132
Fiscal 2027		96,132
Fiscal 2028 and thereafter		921,285
	$	1,550,580

(1) Represents amortization for the remaining nine months of Fiscal 2023.