GOODWILL AND INTANGIBLE ASSETS

Goodwill is attributable to the acquisition of Genasys Spain and is due to combining the mass messaging solutions and software development capabilities with existing LRAD products for enhanced offerings and the skill level of the workforce. The Company periodically reviews goodwill for impairment in accordance with relevant accounting standards. There were

additions or impairments to goodwill during the

three

months ended

March 31, 2020.

Intangible assets and goodwill related to Genasys Spain are translated from Euros to U.S. dollars at the balance sheet date. The net impact of foreign currency exchange differences arising during the

six

month period related to goodwill and intangible assets was an increase of

$21,044.

The Company’s intangible assets consisted of the following:

	March 31,			September 30,
	2020			2019
Technology	$	614,519		$	611,043
Customer relationships		587,801			584,477
Trade name portfolio		213,746			212,537
Non-compete agreements		231,558			230,248
Patents		72,126			72,126
		1,719,750			1,710,431
Accumulated amortization		(685,589	)		(534,797	)
	$	1,034,161		$	1,175,634

Amortization expense was

$74,431

and

$76,633

for the

three

months ended

March 31, 2020

and

2019,

respectively. Amortization expense was

$148,994

and

$153,440

for the

six

months ended

March 31, 2020

and

2019,

respectively.

As of

March 31, 2020,

future amortization expense is as follows:

Fiscal year ending September 30,
2020 (remaining six months)	$	148,666
2021		240,926
2022		218,285
2023		187,542
2024		174,661
Thereafter		64,081
Total estimated amortization expense	$	1,034,161