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GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | NOTE 15 – 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. Amortization expenses related to our intangible assets for the three months ended June 30, 2022 and 2021 were $3,266,760 and $2,521,517, respectively. SCHEDULE OF INTANGIBLE ASSETS
|  |  |  |  | June 30, 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 |  |  |  |  |  |  | - |  |  |  | (1,671,153 | ) |  |  | - |
Accumulated amortization – Intangible Assets |  |  |  |  |  |  | - |  |  |  | - |  |  |  | (18,606,624 | )
|  |  |  |  |  | $ | - |  |  | $ | 5,402,852 |  |  | $ | 133,156,993 |
Annual amortization of intangible assets for the next five fiscal years are as follows: SCHEDULE OF ANNUAL AMORTIZATION OF INTANGIBLE ASSET
Years Ended March 31, |  | Estimates for Fiscal Year |
2023 (1) |  | $ | 9,828,455 |
2024 |  |  | 13,074,489 |
2025 |  |  | 12,664,775 |
2026 |  |  | 12,664,775 |
2027 |  |  | 12,553,355 |
Thereafter |  |  | 77,773,996 |
Annual amortization of intangible assets |  | $ | 138,559,845 |
(1) | This amount represents future amortization for the remaining nine months of fiscal year 2023. It does not include any amortization for the three months ended June 30, 2022.
AMMO, Inc. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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