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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | NOTE 19 – GOODWILL AND INTANGIBLE ASSETS During our previous 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, 2024 and 2023 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 $13,062,874, $13,067,041, and $13,072,967 for the years ended March 31, 2024, 2023, and 2022, respectively. Intangible assets consisted of the following: SCHEDULE OF INTANGIBLE ASSETS
|  |  |  | March 31, 2024 |
|  | 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 |  |  |  |  | - |  |  |  | (2,534,715 | ) |  |  | - |
Accumulated amortization – Intangible Assets |  |  |  |  | - |  |  |  | - |  |  |  | (40,714,550 | )
|  |  |  | $ | - |  |  | $ | 4,539,290 |  |  | $ | 111,049,067 |
|  |  |  | 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 |
Annual estimated 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 |
2025 |  | $ | 12,650,642 |
2026 |  |  | 12,614,775 |
2027 |  |  | 12,549,188 |
2028 |  |  | 12,543,226 |
2029 |  |  | 12,507,792 |
Thereafter |  |  | 52,722,734 |
Annual amortization of intangible assets |  | $ | 115,588,357 |
AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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