GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Jun. 30, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

4. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill at June 2023 and September 2022 was as follows:

	June		September
	2023		2022
Wholesale Segment	$	5,778,325	$	5,277,950

Other intangible assets at June 2023 and September 2022 consisted of the following:

	June		September
	2023		2022
Customer lists (Wholesale Segment) (less accumulated amortization of $0.2 million at June 2023 and less than $0.1 million at September 2022)	$	3,284,013	$	1,401,945
Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.1 million at June 2023 and less than $0.1 million at September 2022)		222,753		191,168
Tradename (Wholesale Segment) (less accumulated amortization of $0.1 million at June 2023)		1,412,595		—
Trademarks and tradenames (Retail Segment)		500,000		500,000
	$	5,419,361	$	2,093,113

Goodwill and the trademarks and tradenames for our Retail Segment 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 $5.8 million and $5.3 million at June 2023 and September 2022, respectively. 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 June 2023, 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 nine month periods ended June 2023, respectively.

Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at June 2023:

	June
	2023
Fiscal 2023 (1)	$	134,425
Fiscal 2024		537,701
Fiscal 2025		506,869
Fiscal 2026		463,703
Fiscal 2027		463,703
Fiscal 2028 and thereafter		2,812,960
	$	4,919,361

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