GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

6. GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill at September 2024 and September 2023 was as follows:

	September		September
	2024		2023
Balance, beginning of period	$	5,778,325	$	5,277,950
Acquisition of Henry's		—		500,375
Balance, end of period	$	5,778,325	$	5,778,325

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

	September		September
	2024		2023
Customer lists (Wholesale Segment) (less accumulated amortization of $0.5 million at September 2024 and $0.2 million at September 2023)	$	2,996,348	$	3,226,480
Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at September 2024 and $0.1 million at September 2023)		106,505		199,503
Tradename (Wholesale Segment) (less accumulated amortization of $0.4 million at September 2024 and $0.1 million at September 2023)		1,144,381		1,358,952
Trademarks and tradenames (Retail Segment)		500,000		500,000
	$	4,747,234	$	5,284,935

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 $5.8 million at both September 2024 and September 2023. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2024 and September 2023.

At September 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 $0.5 million and $0.4 million during fiscal 2024 and fiscal 2023, respectively.

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

	September
	2024
Fiscal 2025	$	506,869
Fiscal 2026		463,703
Fiscal 2027		463,703
Fiscal 2028		451,043
Fiscal 2029		444,703
Fiscal 2030 and thereafter		1,917,213
	$	4,247,234