GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

6. GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill at September 2023 and September 2022 was as follows:

	September		September
	2023		2022
Balance, beginning of period	$	5,277,950	$	4,436,950
Acquisitions (See Note 2)		500,375		841,000
Balance, end of period	$	5,778,325	$	5,277,950

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

	September		September
	2023		2022
Customer lists (Wholesale Segment) (less accumulated amortization of $0.2 million at September 2023 and less than $0.1 million at September 2022)	$	3,226,480	$	1,401,945
Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.1 million at September 2023 and less than $0.1 million at September 2022)		199,503		191,168
Tradename (Wholesale Segment) (less accumulated amortization of $0.1 million at September 2023)		1,358,952		—
Trademarks and tradenames (Retail Segment)		500,000		500,000
	$	5,284,935	$	2,093,113

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 and $5.3 million at September 2023 and September 2022, respectively. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2023 and September 2022.

At September 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 $0.4 million and $0.1 million during fiscal 2023 and fiscal 2022, respectively.

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

	September
	2023
Fiscal 2024	$	537,701
Fiscal 2025		506,869
Fiscal 2026		463,703
Fiscal 2027		463,703
Fiscal 2028		451,043
Fiscal 2029 and thereafter		2,361,916
	$	4,784,935