GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 18 – GOODWILL AND INTANGIBLE ASSETS

During our fiscal year ended March 31, 2022, we recorded $90,870,094 of Goodwill generated from our Merger with Gemini. The balance of Goodwill at March 31, 2023 and 2022 was $90,870,094. We did not have any goodwill prior to the year ended March 31, 2022.

Total amortization expense of our intangible assets was $13,072,967, $13,072,967 and $1,971,188 for the years ended March 31, 2023, 2022, and 2021, respectively.

Intangible assets consisted of the following:

		March 31, 2023
	Life	Licenses			Patent			Other Intangible Assets
Licensing Agreement – Jesse James	5	$	125,000		$	-		$	-
Licensing Agreement – Jeff Rann	5		125,000			-			-
Streak Visual Ammunition patent	11.2		-			950,000			-
SWK patent acquisition	15		-			6,124,005			-
Jagemann Munition Components:
Customer Relationships	3		-			-			1,450,613
Intellectual Property	3		-			-			1,543,548
Tradename	5		-			-			2,152,076
GDI Acquisition:
Tradename	15		-			-			76,532,389
Customer List	10		-			-			65,252,802
Intellectual Property	10		-			-			4,224,442
Other Intangible Assets	5		-			-			607,747
			250,000			7,074,005			151,763,617
Accumulated amortization – Licensing Agreements			(250,000	)		-			-
Accumulated amortization – Patents			-			(2,041,251	)		-
Accumulated amortization – Intangible Assets			-			-			(28,036,807	)
		$	-		$	5,032,754		$	123,726,810

		March 31, 2022
	Life	Licenses			Patent			Other Intangible Assets
Licensing Agreement – Jesse James	5	$	125,000		$	-		$	-
Licensing Agreement – Jeff Rann	5		125,000			-			-
Streak Visual Ammunition patent	11.2		-			950,000			-
SWK patent acquisition	15		-			6,124,005			-
Jagemann Munition Components:
Customer Relationships	3		-			-			1,450,613
Intellectual Property	3		-			-			1,543,548
Tradename	5		-			-			2,152,076
GDI Acquisition:
Tradename	15		-			-			76,532,389
Customer List	10		-			-			65,252,802
Intellectual Property	10		-			-			4,224,442
Other Intangible Assets	5		-			-			607,747
			250,000			7,074,005			151,763,617
Accumulated amortization – Licensing Agreements			(250,000	)		-			-
Accumulated amortization – Patents			-			(1,547,787	)		-
Accumulated amortization – Intangible Assets			-			-			(15,463,230	)
		$	-		$	5,526,218		$	136,300,387

Annual estimated amortization of intangible assets for the next five fiscal years are as follows:

Years Ended March 31,	Estimates for Fiscal Year
2024	$	13,102,785
2025		12,664,775
2026		12,664,775
2027		12,553,355
2028		12,543,226
Thereafter		65,230,648
	$	128,759,564

AMMO, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS