GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

3. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill at March 2024 and September 2023 was as follows:

	March		September
	2024		2023
Wholesale Segment	$	5,778,325	$	5,778,325

Other intangible assets at March 2024 and September 2023 consisted of the following:

	March		September
	2024		2023
Customer lists (Wholesale Segment) (less accumulated amortization of $0.3 million at March 2024 and $0.2 million at September 2023)	$	3,111,413	$	3,226,480
Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at March 2024 and $0.1 million at September 2023)		153,004		199,503
Tradename (Wholesale Segment) (less accumulated amortization of $0.3 million at March 2024 and $0.1 million at September 2023)		1,251,667		1,358,952
Trademarks and tradenames (Retail Segment)		500,000		500,000
	$	5,016,084	$	5,284,935

Goodwill and Retail Segment 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 represent amounts allocated to its wholesale reporting unit which totaled approximately $5.8 million at both March 2024 and September 2023. 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 2023.

At March 2024, identifiable intangible assets considered to have finite lives were represented by customer lists which are being amortized over 15 years, a non-competition agreement which is being amortized over three years, a non-competition agreement which is being amortized over five years, and a tradename in our Wholesale Segment that is being amortized over seven years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was approximately $0.1 million and $0.3 million for the three- and six-month periods ended March 2024, respectively, and approximately $0.1 million for both the three- and six-month periods ended March 2023.

Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at March 2024:

	March
	2024
Fiscal 2024 (1)	$	268,851
Fiscal 2025		506,869
Fiscal 2026		463,703
Fiscal 2027		463,703
Fiscal 2028		451,043
Fiscal 2029 and thereafter		2,361,915
	$	4,516,084

(1) Represents amortization for the remaining six months of Fiscal 2024.